This is a pretty poor take. Whoever is getting the information is going to use it for their benefit. The Chinese government is a scary government, this does not take away from or add to the US government being a scary government.
You're correct, and banning TikTok and/or TP-Link is not going to stem the flow of user data to the companies who sell it, not even a little bit. Hence my comment: this is not about protecting anyone's privacy, it's about keeping American tech companies on top.
I wouldn't be surprised if some (American) corporate lobbying was performed for this to be pushed through this way but given the numerous stories of how the CCP have practically _bullied_ their way into our markets with cheap(er) goods and/or services through state-sponsored subsidies, I would imagine that this is becoming the global response to a long-winded draw-down on the lessons of repercussions and self-reliance.