Is it a security concern compared to everything else we get from China, or are we just holding TikTok specifically to an unattainably high standard? We get so many products from China that could potentially be used for spying that we've never tried to ban due to security concerns. Who can say the ESP32 Wifi module doesn't have a hardware or software backdoor hidden in it?
AFAIK, there has never been any evidence or reason to suspect TikTok of sharing private data from Americans with the Chinese government. It seems like simply being from China is the crime the US government wants to ban TikTok for.