You're just naive if you honestly think companies are somehow "above" the nations of their owners or that government power has some real limit beyond what other nations are willing (and able) to punish them over.
It's also pretty naive to assert there's nothing of value in that data, particularly of the blackmail variety. That stupid distasteful video you uploaded and then "deleted" at a teen ... there's no guarantee they don't have it. The location ping your phone made when you were cheating on your spouse and opened TikTok while waiting for your mistress, there's no guarantee they don't have it.
You could even use popular political videos as the basis for evaluating who's more likely to cooperate or believe you following an attack and mix that with geographic data to figure out how to minimize the risk of guerilla fighters. Similarly, you could use the social network graph to figure out how to put pressure on someone.
I mean, social media is honestly nasty in terms of what it can tell you about a society.
That doesn't even begin to touch on the ability to directly manipulate a proprietary content promotion algorithm. You think they can effectively manipulate Facebook? There are no limits to the manipulation they can perform on TikTok and there is no framework for overseeing social media algorithm performance.