1. TikTok is actually not cooperating with the Chinese gov't (and maybe this is the CCP's way of showing them that it goes both ways).
2. The CCP is allowing the US gov't to destroy its own credibility and moral high ground. These threads are usually solidly anti-China but there is a clear stream of discomfort now, with the realization that if national security can be used to override the law, and everything can be a national security threat, then how strong is the foundation of law?
EDIT: A few of the replies have suggested 3) TikTok is simply not that valuable. Which makes all the ruckus being raised by banning it, whether by the US or by India, even sillier?