If you want to point the finger at anyone, Google might be a better bet. Google has been very good at keeping out of the public eye, like successfully arguing "it's the algorithm" about search results to gloss over the human element in that.
But there are several aspects to this that have varying levels of validity:
1. China doesn't provide reciprocal access to their market to US companies like FB, IG and Youtube. To me, this alone is justification to ban Chinese companies. You need go no further than this;
2. Data protection is a real issue. Having data within US jurisdiction is a valid concern but as many have pointed out, this would better be served by a Federal data protection law, which will never happen. Tiktok has been singled out here;
3. As much as the US government can gain access to data on FB, IG, etc, there is still a rule of law. Even FISA courts have a process. There is not even a pretense of separation between Chinese companies and the Chinese state;
4. Influence by any company through the algorithm is a valid concern. This is more of a concern with a foreign adversary but is still an issue with US companies. We've seen how quickly misinformation can spread (and affect elections) since at least 2016;
5. Some point out you can just get this data from data brokers. Data brokers sell audiences. In some cases you can tie that back to an individual but the platform has way more data than any broker would. I can't go to a broker and get WSJ journalist DMs. The platform owner obviously can;
6. The risk of a foreign government targeting individuals with 0-days and the like is a real one. We've seen Saudi Arabia and other authoritarian governments target journalists. It's a valid concern.
But instead of a nuanced conversation we get reactionary "China = bad" antics from some of the dumbest people (in Congress) I've ever witnessed.