It takes one click to find out that option exists. Two clicks to know where to find it.
I'm not sure I agree with Mozilla's apparent idea that search is the feature they should focus on improving, but I am so tired of seeing the same shallow, knee-jerk reaction every time telemetry is mentioned.
Data can help steer development, and that's not necessarily a bad thing. Mozilla's one of the few entities I believe I can trust with sending anonymized data to help.
Edit: Sorry for the tone above. Though I stand by my main point, IRL frustration leaked into the comment; it shouldn't have.
I would like to understand, what issue(s) do you see with this implementation of telemetry? Regarding opt-out, you would likely have done so already, since it seems to be tied to the pre-existing usage analytics setting.