China itself has banned TikTok as-is from China, because its deems it as a negative for society. In the mean time it has served for spreading disinformation inside the rest of the world.
Whether the US has sincere reasons for proposing a ban is a station that has by long been passed. If your point is that "social" media is mainly a tool in the hands of tech elites, whose main business model is social upheaval and where foreign influence is up for the highest bidder (troll farms), then yes, I agree that we should have a broader discussion of what we as democratic societies expect from those profiting from information chaos, distrust in societal institutions, outrage, and advertisement clicks.
Parasitic tech elites and their tools of influence in the information sphere have nothing to do with free speech -- in fact they kill a fair debate among equal citizens in a democratic society.
