I have a recent Corolla with this feature and really like it. It may not be useful for you if your cell phone has unlimited data. But I’m on a pay as you go plan run through T-Mobile so it’s cheaper to pay for the car wifi than data. For $10 a month, I don’t have to worry about running up a big bill with streaming and GPS.
The wifi also runs through Verizon so it’s nice to have two different ways to call for help if you’re stranded between T-Mobile towers.
I expect these issues are mostly my own and it isn’t that useful for most. Honestly, I would bet that AT&T or Verizon is paying Toyota to put these into cars so they can sell data plans.
It’s just a hotspot. It’s probably no more or less secure than any other hotspot.