Only mic and camera? It should also turn off GPS, accelerometer, etc. Filming the inside of my pocket isn't the biggest tracking concern. People are just afraid someone's watching them masturbate all the time.
Isn't GPS just 3 sattelites passively shouting their clock to any who could listen? There's no GPS kill switch because there's nothing transmitted.
WIFI kill switch is more understandable.
Privacy isn't just about your device not emitting signals... If you don't want your device and apps to track your location, you also don't want to receive those GPS signals.