But, in all honesty, no one is going to be looking at it unless there's a very good reason too. IT sure as hell doesn't have enough resources to monitor it.
MDM largely exists to remote wipe a lost or stolen phone.
In reality, yes there will be snooping. I've had a new colleague that had to explain why they had parked several times near the HQ of a competitor outside working hours. Answer: he lived in that village and his favorite bakery was were he had parked. After that he removed the company tracker from his car, a car that he was leasing and paying for himself. He had only installed the tracker as a courtesy to facilitate on site personnel tracking and it was abused in the shortest order.