There is ample precedent in
Bernstein v. United States that it is, in fact, free speech, and none that ought to be revisited here.
AFAICT, there's a differentiation that should be made between the model and the mobile app. TFA, and I'm assuming the bill, too, AFAICT, don't differentiate. The model seems unequivocally speech. Whether a mobile app can be banned seems like a different question; from other reporting it seems like the mobile app is laden with lovely things like keyloggers, and there, I can see "national security" might withstand scrutiny.
If the Senator were actually concerned about American's data, he'd pass some privacy laws. But the GOP is all laissez-faire capitalists these days, and they would not want the government telling American companies that that can't sell American data for money.