I don't really like the data collection of Instagram or YouTube either, but at least those are owned by US companies, and as such aren't centralized in a country we have an semi-adversarial relationship with.
There's also the opposite argument that the Chinese government has little ability to influence your life and so surveillance by a US company is worse since there's a higher risk that the information gathered can be used against you.
Under the TikTok ban bill, TikTok being sold to a Canadian or French owner would let them stay in American app stores.
The geopolitical angle I can get behind. But these "failed to protect children" lawsuits are a lot more sprawling, authoritarian, and potentially damaging to the internet at large.
This seems like it is political and about removing chinese competition from american markets. The protecting American's privacy from foreign actors bit is pure rhetoric not likely to be applied to american companies in the same market even though there is similar exposure.