Yes, a privacy bill would do more to help, but guess it's OK when US tech companies exploit users. Also politicians can say they "saved us from the dirty Commies (or something)" during an election year.
Assuming the ban holds up to any court challenges, I assume US TikTok users will just go back to using Instagram/YouTube for amusing short videos, barring a non-Chinese TikTok imitator (or something new altogether) catching on.