Couldn’t you have said the same about Snapchat a few years ago? Not that it’s about to shut down, but it’s definitely not the white hot app it was hyped to be.
TikTok is a lot more analogous to Instagram: where Instagram used filters to allow normal people to create much more appealing photos, TikTok's music licensing allows average users to create videos with a much stronger emotional appeal than they can get on other platforms.