Prince.Skeletor
Don’t Be Like He-Man
Firstly it has nothing to do with your privacy, if China wants your data they can still have it even without TikTok because:
www.nbcnews.com
China can buy it if they want to, they don't need TikTok for it!
So then why?
www.timesofisrael.com
It is all because TikTok is overwhelmingly pro-palestine.
Trump Signs Measure to Let ISPs Sell Your Data Without Consent

Trump signs measure to let ISPs sell your data without consent
Privacy activists launched a last-ditch effort to persuade Trump to veto the measure, but the White House had already said the president favored it.

China can buy it if they want to, they don't need TikTok for it!
So then why?
Major US Jewish group backs bipartisan bill that could see TikTok banned
“The single most important issue to our Jewish communities today is the dramatic rise in antisemitism,” JFNA wrote in an official letter to Congress. “Our community understands that social media is a major driver of the drive in antisemitism and that TikTok is the worst offender by far.”
Major US Jewish group backs bipartisan bill that could see TikTok banned
Jewish Federations of North America says it supports the proposed law due to concerns of antisemitism proliferating on the platform

It is all because TikTok is overwhelmingly pro-palestine.