Do I support TikTok? No, not in the least bit. Their privacy controls are horrendous and, at this stage, user info and content is undoubtedly siphoned and delivered straight to the CCP. Where it goes beyond that is undoubtedly in some Tom Clancy novel, of which likely pales in comparison to some even more grim reality.
Was TikTok a net good to American society? Depends on who you ask, but if anything I think most people would agree that it only exaggerated the decline of the average attention span. This moves with the larger movement to commodify clicks, quick ads and lowers the threshold towards late stage capitalism. In short, this speeds cultural decline ("I said what I said").
Would I support an American TikTok? No, see above.
Should TikTok be banned by the US congress? When is the last time you ever saw a ban of something that didn't include any overt pocket lining or omnibus-style overreach? Read the bill, the language is broad and sweeping; certainly kin to the CFAA and COPPA.
So what then? Well we're certainly at an impasse here, right? We can't rely on tech businesses to turn their shoulders to cold hard cash. We can't rely on our elected officials to "Do the right thing" without lining their pockets and sharpening their knives. Truly a conundrum with no good solution.