It isn't a "ban" except that TikTok would rather shut down than sell, forgoing billions of dollars in the process.
You say that as if they only operate in the US. The US represents less than 20% of their user base.
I mean, it was a ban when China did it to Facebook, no?
From pure PR perspective, it is a win for China; sometimes it is not about the money. US used to be much smarter those kinds of optics.