And that could include writing the regulations in such a way that ByteDance couldn't possibly comply, because of their ties to China. At least we would clean up our own home too in the process.
Should you care about what your own government does with your data? Absolutely, 100%, no doubt, big ticket issue, fly the banners as visibly as possible. But more than an adversary? Not even close.
"Adversary" is assuming your conclusion. My own government has plenty of incentives to attack my business (I've got plenty of competitors who would support them in doing so), far more so than the government of China.