You don't need to store the data, just transcribe it. That's basically the business model for Siri, Alexa et al. If you're worried about cost, just offload the work to the cell phone and accept the less-than-100% transcription.
The only reason I don't think the big players are doing this _is_ the potential for scandal. Random apps on the app store that ask for a million permissions, on the other hand, are probably doing this.
It only takes one clever hacker looking to make a name for themselves. With that said, there are plenty of cases where companies _were_ caught spying, so maybe it's not so cut and dry.