Yeah pretty much. No regulators are batting an eye at the industrial data gathering schemes of Meta, Google, Amazon, etc. and they never have. And the only major social network under real legal scrutiny is TikTok.

The American Government wants to have the cake and eat it too, as per usual. They want to leave the massive column of the economy that is surveillance capitalism intact and operating, and making them money, and they want to make sure those scary communists can't do the same. Unfortunately there isn't really a way to take down one without taking down the other, unless you legally enshrine that only American corporations have a right to spy on Americans. And (at time of comment anyway) they seem to not want to openly say the reason is just naked nationalism/racism.