This is retaliation for China's unfair practices. It's not about propaganda, what videos are allowed or disallowed, or who might see which videos you watch. It's about the fact that valuable US tech companies aren't allowed to compete in China. If they were the trade deficit wouldn't nearly as bad. Now the Trump administration is hitting back. This is plainly and simply: Screw you, we're going to take something successful of yours.
The tactics are distasteful: Filing outrageous criminal changes against Meng Wanzhou and the campaign to ban Huawei products as well as this frankly gangster-like hostile takeover of Bytedance's business.
I don't feel sorry for Huawei. Live by the sword, die by the sword. Bytedance on the other hand is only guilty of making a fun product, but in the game being played here fairness to the pawns isn't a priority.