If you followed the politics of the TikTok ban, it was absolutely about the content of the network.

US Congresspeople and Senators were angry that TikTok would not censor or de-emphasize pro-Palestinian / anti-Israeli content, whereas Facebook much more actively de-boosted that kind of content. All previous attempts to ban TikTok failed to gain traction, until the Gaza war began, and that issue convinced many politicians in the US to back a ban.

right you really have to be not paying attention or be living in an alternative facts world. For instance look on X, there are literally thousands of paid for foreign propaganda bots trying to inject hatred and division in the USA and they have free reign and the government is not trying to stop them after Musk told them "no". Soon it starts happening to facebook, except there is no "paid" bluecheck account, the result will be the same. TikTok is a clear and present attempt by a centralized foreign advesary to do the same thing, but they will be treated differently because it's the enemy from without and not owned by an American company.

> There is a law that only U.S. citizens can own TV stations.

The communications act did not ban already-existing networks, and it did not ban specific providers. The tiktok ban is targeted specifically against one social media that the government does not like[1], with a thin veneer of "security concern" that people might specifically choose to share their contact list and that one of those contacts may be in a sensitive position.

[1] I don't even really think it's about the government not liking it! They thought they could get cheap support by drumming up anti-chinese sentiment and they ran with it. It's the most pathetic kind of politicking.