Keep in mind that it's not just about a Chinese entity. They employ a lot of people directly, and all those 'influencers' on TikTok also make their livelihoods from their TikTok work. Not all could easily migrate to other platforms.
This is akin to banning YouTube. You're not just banning the company. There's a whole community, of content consumers and creators with jobs, behind it.
If it fails by government policy, that's an awful outcome for tech and the future. We need to encourage new markets, not end them. Tech is ending old markets as it is, if we're not encouraging new ones we're going to end up with increasing unemployment.
This is akin to banning YouTube. You're not just banning the company. There's a whole community, of content consumers and creators with jobs, behind it.