e more common descriptor for that is "content generated by users" since "data collected from users" usually refers to data about the user. Just one more example of how a non-standard use of language can cause confusion.
It’s a pretty blurry line that separates the two, since the content we generate is pretty good at describing us. But I see your point that Wikimedia Foundation does not generate revenue from mining its user contributed data and selling it for purposes, other than making the worlds best, free encyclopedia (for which it will happily accept donations).