If a country's citizens want to give away their data, it's well within their right to do so. At most, the U.S. Government should educate about it, much like tobacco dangers.
Having that said, U.S. citizens with clearance and/or government employees should be subject to data loss prevention measures, like they already do[0].
I'd be forward for a ban if it was an issue of public mental health, but the U.S. Government cannot take that angle because they'd have to kill Meta Platforms as well. They know they can't, Meta lobbyists will not allow that.
But restricting TikTok based on data control and free speech liberties, that's overreaching. I've already seen TikTok videos of people saying they'd stamp their U.S. passport on the forehead and give it to Chinese ByteDance rather than use Instagram. It is well within their rights to do so if they so desire.