This is not that. But Congress has had years of opportunities to develop actual data privacy laws and they haven't. They held proceedings focused on a single company. The tagline for this post is specifically "Senate Bill to Ban TikTok" for good reason: it was written to target a single company.
We _should_ be concerned about companies which have personal data on basically everyone and have no real limitations on how it's used, but FB is gonna keep operating. We _should_ be concerned about a government that can gather private data about Americans by secretly working with a corporation. But AT&T's cooperation with the NSA never really hurt it.
But moreover, laws should be about behavior. You don’t ban Philip Morris, you ban selling tobacco to kids and smoking indoors.