Is not the solution but is certainly a good start until a solution is found.
Also, is not about banning social media, is about banning malware.
I don't doubt that China has no positive intentions for all of the data it's collecting, but I don't really see American firms doing any better with it. It's not like it's collecting your passwords or cracking your bank account. It's just wasting vast amounts of your time, and watching over your shoulder while you do it so that they can do it even better.
Or is there something I'm still mising?
1. You can change the law on them.
2. You can sue them.
Which still wasn't enough, as the scum is still running around freely stalking users just as well as before.
Not even the likes of Big Tech companies can get away with it for long. As far as the EU is concerned with TikTok, not only they are starting to get warnings and threats of bans from them, but it is only a matter of time to see TikTok pleading to the EU to not give them a giant fine in the billions just like how Google and Facebook got many to remain in the European market.
Either way, the regulators are never tired of collecting free money from fines, whether if it is €10 million or €10 billion.