Easy — you’re not their target demographics. Almost all of my friends have some sort of “smart” devices, and I’ve helped personally to install them when things were a bit annoying (Spotify not syncing, dhcp not working properly and etc.). Absolutely not a single person cared about the “privacy and security” issue.
I think IKEA does care about this kind of stuff. In the past couple of years there has been an ongoing enshittification of smart home devices to move into the IoT space requiring a Wi-Fi connection that always pings a "home server" and when aws-east-1 is down your lights don't work or whatever.
Despite this IKEAs devices have been mostly Zigbee and have worked very well with ZB2MQTT and Home Assistant out of the box. You are not required to buy a hub either that talks to some random server.
Not to mention that IKEA had the to make sure the new smart hub the released was compatible with Matter/Thread meaning that customers are not forced to send more E-waste to landfill. The bar is pretty low these days and I feel IKEA exceeds that by a large margin
