It is just sad that even US is susceptible to this.
That said I think some regulatory control is needed. There needs to be some sort of accountability e.g. for intentional propagation of fake news or censorship or defamation. This is no different than requirements for ethical behavior in other industries. Just like we regulate public companies in general we should be able to impose some requirements on any business that distributes media. Free speech for individuals but if you are a business or a media "provider" you need to meet a somewhat higher bar? I think we used to rely on journalistic standards or self regulation but with "new" media (and maybe even with old media) this seems to be not working that well any more. There's a fine line there for sure but seems like whether China owns some social media or someone with US citizenship we still want to have guards against harms this can cause. The amount of power these companies wield is scary.
So if China has already made it clear it considers a TikTok sale illegal, this is a ban.
That being said, you don't get Nancy Pelosi and Marjorie Taylor Greene on the same side unless there is some serious fire behind all of the smoke. My guess is everyone who has seen the classified info agrees this ban is too critical to even play games with it.
All you need to convince American politicians of anything is jingling keys and cash. Plus MTG opposed the original TikTok bill, they only voted in favor when it was packed together with sending money for Israel.
TikTok can be undermining the US (and potentially be a growing problem) without it being currently capable of preventing itself being banned.
By your logic, nobody should go to hospital when sick, as if they can go to hospital then they must not be sick.
The bias is a feature. They just don't like the fact that they can't control the bias on TikTok so it spews Chinese propaganda instead of Western propaganda.