No, they all collect the same level of blackmailable stuff. They shouldn't ban TikTok, they should ban all data collection and get rid of the third party doctrine altogether. But China is sort of an active adversary to the US right now so banning it is a heavy handed method that will probably mostly work to prevent mass indoctrination from a rival and also prop up ailing US social media companies. The US govt wants mass indoctrination and blackmail material on people, it just doesn't want China to have it.

Why is it okay that it's collected by any?

And furthermore, why is it okay that it's collected AND owned by a company based in a country not subject to the rule of law?

"Facebook does it too" isn't a reason not to be worried about TikTok.

Hopefully we'll ban those too. The first step is always the hardest, so you should always look for the easiest path (which in this case is banning a foreign government from controlling a social media app).