Strictly in the realm of conspiracy - but if you take the assumption MS has some malicious intent for the sake of argument there is nothing to stop them sniffing around on local HDDs and logged in network drives if such a feature existed in the code - the OS already has low level control over disc access and networking.
Not that 10 is any different in that regard than previous operating systems - even with 7, 98, etc. you have to take it on faith there aren't "backdoors", etc. (highly unlikely they wouldn't be discovered in the long run if there were though) - aside from the wording of the terms and conditions in 10 "could" be used to give themselves wider powers.
Yeah but the massive uproar isn't about what isn't in the EULA, but rather a massive (probably deliberate) misinterpretation of what is clearly stated in the EULA.
If your concerned about what Microsoft may be doing that they aren't telling anyone then that's a whole different kettle of tin foil hatted fish that goes beyond just Windows 10 and into a discussion covering every digital services provider globally.
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