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My read on this is not as much of a cynical one. I believe the point of surveillance is simply to protect the institution of the state.
The goal of the state is ultimately the continued existence of that state. Otherwise there really is not that much purpose to the state. Surveillance is a tool to suppress actors (read: terrorists) who might want to undermine that institution.
In order to determine who benefits from the continued existence of the state, it mostly depends which state you are talking about.
A state like China exists almost solely to benefit those in power, and thus the surveillance state is used to suppress the citizenry. But a Western democracy, while it also to a certain extent protects money and power, also exists to to benefit the general population.