One thing I've noticed is that members aren't given options for profile privacy settings. Not many anyway.

For example they should be able to choose whether guests, members or just friends can view their profile.

Or am I missing some options in AdminCP?

Members can't control it but the ACP can control which groups can view profiles.

You can set it to deny access to guests and certain member groups and only allow it to others. :)

nope they wanna name and shame everyone ;)