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I know my university at least gathered that data after I graduated. Kept getting emails about if I had gotten work in my field, salary, etc. I never answered and I have no idea if they would even make use of it but there was an attempt. This was 20 years ago.
I suspect it wasn’t actually the university contacting you, but instead it was the alumni association.
Alumni associations aren’t usually a direct unit of the university but sort of an auxiliary org. Alumni associations want the data to further their own interests but they are primarily interested in you as a source of donations. They are often at odds with central administration, a difficult relationship because the associations do gather funds but have an agenda that is often at odds with the administration.