Google already does an excellent job with organizing your Gmail, categorizing them into Primary, Social, Promotion, etc. While the option to turn off this organization feature already exists, Google is adding a new personalization option to control how to process personal data that enables these smart features.
Google already allows users to turn off many smart features like their automatic email filtering, adding events to the calendar, smart compose, etc. This setting will continue to be available to users in the new options.
What is new is are the controls for how Google can process personal data to enable further features such as reminders from the Google for bills that are due or show maps with restaurant reservations. If turned ON, Google will be given permission to use data from Gmail, Chat and Meet.
Google did not mention an exact date for the rollout of this feature except that it will be arriving gradually to everyone over the coming weeks.