In your opinion. That's not the rationale proffered in the legislation however.
> The whole episode shows a disregard for the US constitution and mountains of legal precident on these matters.
I disagree. There's plenty of precedent for this, we have laws on the books for over 100 years that prevent foreign ownership of American media. In those days it was newspapers, radio and later tv stations – in fact those laws a large part of why Rupert Murdoch became an American citizen.
This law is just the modern version of those previous laws. You might disagree with them, but there's plenty of precedent.