As governments get more aggressive in protecting consumer privacy, you might need to take explicit steps to protect your website visitors.
A privacy (and cookie) policy protects your website visitors. It assures them you’re using the data you collect from them in a responsible way. In that way, it builds trust with your website and the company it represents.
If you can do business in the European Union or California (USA) you need to take this seriously even if you’re not located in these places.