first off, the "corporate entities" are not entirely unchecked. they have shareholders who vote and boards who oversee the company.
second, the "nation states" are on their last legs. the globalization of this tiny planet, the birth of the international citizen, and the truly global nature of the internet will make sure this happens.
the pushback against local democracy by global players is entirely justified considering it's inherently local nature.
on your last point, tiktok, as any other corporation is entitled to act as they see fit.
what we're actually missing is a global government, with global elections that can keep in check both the local governments and the global corporate players, creating a level playing field. this should be the ultimate wealth unlocker.
