Def the other way around.

Writing a privacy policy generally forces a company to make commitments about what they will and won’t do with data they collect about you.

No privacy policy means anything goes — they didn’t say what they will or won’t do, so you can’t sue them if they do something sketchy.

But many jurisdictions require companies to publish a privacy policy, so just about any company these days will have one. The devil is in the details though, as this article points out.