The "homepage" when you open an incognito page says
Others who use this device wont see your activity, so you can browse more privately. This won't change how data is collected by websites you visit and the services they use, including Google.
and it has been either this phrasing or something like this for a very long time. I can't say I really
like
how much data is being scraped up about internet users all the time but it seems a bit weird to have extreme overreactions to this when it has never been what they promised