Do you have an alternative in mind? Google provides fast, reliable two-factor authentication in source code form. Seems ideal to me. As for information collection... I don't think your one-time keys are terribly interesting to Google. The reason they're providing this for free is to improve the overall security of the Web. If you think about it from their perspective, being the dominant search and advertising player on the Web puts Google in an interesting spot. Any change that they make that increases reliability and security of the Web is likely to increase use, and increased use translates to increase user-base for Google search and advertising.
It's actually in their best interests to make the Web faster, more reliable and more secure. That's why you see efforts like this, GWT and their Webmaster tools.
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