Of course like all words it depends. Who are you asking that and where are you asking it?
For a web developer privacy is a matter of what personal Information they may be gathering from their web traffic and what obligation they have to inform people of what they do with that information.
At this time there are laws that do regulate such matters in different parts of the world. In North American the state of California has California Online Privacy Protection Act of 2003 (CalOPPA) which is the first state law in the United States requiring commercial websites on the World Wide Web and online services to include a privacy policy on their website. In Europe there are similar laws known as GDRP General Data Protection Regulation.
So as a web developer do you need to comply with these laws if you don’t live in an area that has such laws? Maybe not. You could fly under the radar for a long while and never have someone from one of these places visit your site and fill out a contact form.
But if you did have just one. They could technically end up filing a suit against you for the lack of display of privacy terms and this could end up costing you a great deal if not your business, and if you are not incorporated you could lose you personal assets.
So, besides preventing this less likely yet real threat, you are probably going to look more reputable and trustworthy as a business if you take this issue on right at the source, and get your terms and conditions properly displayed on your site.