TLDR: The bill doesn't ban TikTok, it gives the executive branch the power to ban companies like Tiktok. IMO this is an entirely reasonable measure.
As someone with strong libertarian leanings, I am generally opposed to the trend of the executive branch gaining arbitrary legislative authority but this bill appears entirely reasonable to me despite some concerns of vagueness.
It gives the Secretary of commerce the responsibility of consulting with agencies to determine if software companies from "foreign adversaries" pose a national security threat. If the secretary seems it does then it gives the president the authority to ban the company.