The fundamental issue with kernel anticheat is you're giving full control and unlimited monitoring of your computer to a company, and trusting them to not abuse that access. Being able to see some processes it runs isn't any kind of guarantee that those processes aren't doing something undesirable, and doesn't guarantee that there aren't other processes doing things secretly.

EAC should be one of the better ones, but it's still a question of:

1. Do you trust Epic Games to act in your best interest?
2. Do you trust Epic Games to dispose of your personal info and not sell it or use it? (remember, it's not a question of whether your info is being collected, anticheat programs are intended to gather a lot of info on everything you do on your PC so it can be confirmed if you're cheating. So you are being spied on, it's just a question of whether they delete the data after harvesting it or decide to sell/use the data already on their servers that you consented to giving them when you accepted the game's ToS).
3. Do you think that Tencent's partial ownership of Epic impacts either of the above questions?
4. Do you think that NSA and other government agencies are going to use the anticheat to spy on your computer, either through legal requirement or through undisclosed backdoors?