As the article says, it's not about what they are collecting. It's about what they would do with that information and who they would ban.

Yes the US government does collect information, but at least to some extent they can be held accountable by it's citizens. No one can hold the CCP accountable and they can use these companies as a proxy to enforce Chinese censorship in other countries. (See Zoom banning US accounts made by Chinese protestors)

So I think you see the ban as a technological security risk, which, relative to most other big tech, it's not. It's a national security risk to the US and India.