First I've seen this theory and it makes a ton of sense in light of the new discrepancies between what US and non-US accounts can see and search for.
There are lots of conspiracy theories online. However, I think it is just that the process of bringing the stack back up may be difficult. They also have a huge shopping network, that has also been down, and there are emails/communications to shops saying they are working on fixing it. Also, when I take a link from TikTok and post it in a downloader app, it no longer works since the URL is broken.
Maybe some microservices did not come back up (outage), or maybe they were knowingly compromised as part of the extension deal. While I can see that Lives can not be censored, I do not know the reason for shopping to be disabled, so I suspect it is an outage.
[ Actually shopping is also "live", so maybe that's why ]
We will probably find out over the coming days.