I’d much rather have the US improve their data privacy laws than just ban TikTok and let the rest of US businesses continue doing pretty much what TikTok does. 

 Let the new laws get rid of bad social media. * 

Banning TikTok isn't about data privacy. Yes, it siphons your data like a hungry ant eater. But Congress doesn't care about that (or you.) It's about propaganda. Imaging there's some large social unrest in a foreign country that's a low key adversary. The CCP sees this and wants to inflame local social tensions without looking like they're going to. 

So they amplify videos on one side or the other of a confidential issue. Maybe someone got killed by a cop and there's video of it. Make it so one in 5 videos in everyone's feed is about that death, either about how it's unjust or how any protests are violent riots (regardless of the truth.) TikTok's prediction engine is worlds beyond YouTube. 

They can target individuals with exactly the messages they know will be watched. And then the CCP has put it's finger on the scale and turned local protest and counter protest movements up to 11. They've driven more wedges into the existing social divisions in the West.