Yes, that will be one of the ways it will be spinned. Don't pay attention to this giving away of your body's privacy, folks. It won't really be used, and it's not important.
If that were the case, the bill wouldn't be proposed. Duh.
Big companies will no doubt use this. They will get a bulk price. They will look for anything that will affect their health insurance benefits, like AIDS, HIV, cancer genes, other medical conditions.
Your DNA will then go into a database. Once it's there, it will stay there. The databases will eventually be hacked, or combined, to make for a national database. It can be used for all sorts of things. Are you part Arab? Or Jewish? The govt will no longer have to take your word for your genetic ancestry; now they can just look it up. When they want to round up those with Middle Eastern ancestry and deport them, no problem.
If you carry a gene making you a big risk for a certain kind of cancer, you may find yourself eventually terminated for other reasons, since your gene will impact the company's insurance cost.
Conservatives will be talked into thinking this is necessary and no big deal, the same way they were duped into accepting the Patriot Act. How easily? Time will tell. But they will go along, to get along, and to accept whatever they must in order to get what they expect to be their payola from this administration.