It's no surprise that many U.S. based social media companies want this application banned altogether because technically they are gaining subsribers rapidly and expanding into other marketing areas.
TikTok is not just a social media company but a bigger department store similar to Amazon.com and there is no telling how fast and powerful they will become when more subscribers are added.
So it's definitely a threat to U.S. markets and the government is going to do whatever possible to discourage and limit user access.