The big issue other than data collection is the platform’s censorship of topics the CCP doesn’t want discussed (Taiwan/Hong Kong independence, Uighur genocide, CCP corruption, widespread industrial espionage) and the amplification of topics seen as divisive/polarizing/destabilizing to western nations as part of the CCP’s propaganda policy.
Also, “can” is substantially different from “is currently, as supported by evidence, outlined as part of a documented propaganda plan by a known bad-faith strategic opponent”
"US media companies" not foreign-owned. For example Russian propaganda regularly makes it's way into channels like Fox News, you just need to incentivize 1 host, or 1 politician, or 1 guest. And online influence campaigns can still be driven by bots and fake accounts (e.g. twitter) but there are no laws in place that even begin to try to reign that in.
Fixating on TikTok, is a small and limited check on a much larger and more general problem that nobody in congress actually seems to care about.
It's so arbitrary and limited that im not gonna assume anyone that worked on this actually cares about achieving any major objective other than banning tiktok.