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If you're outside of the EU and UK, you won't be affected by this, while the regions where this is rolling out have already had the data sharing in effect for a while; it was just implemented on an opt-out basis, which is now becoming mandatory.
WhatsApp gave users the ultimatum to accept the updated policy by February 8, but saw a mass exodus to rival apps like Signal instead. Rather than backing down, it extended the deadline, and attempted to clarify the situation with in-app status messages. The latest WhatsApp beta suggests the service is going to continue this strategy, with a new Terms of Service Alert that'll attempt to assuage user concerns and make the new policy in terms that are easier to understand.
A new WhatsApp FAQ has popped up on the website to add further details about what's happening after May 15, so be sure to familiarise yourself with everything before you decide to move on to another app or not.