> I feel like they could have done this by creating a bill saying that US social media companies must be given the same access and freedoms to the Chinese market as TikTok has to ours.

If you read the bill, it's very transparent that it's not about market access, and that it's not specific to China. It explicitly names five other countries and also authorizes the Secretary of Commerce to include any country that they feel is an adversary to "national security" interests.