Covered nation .— The term “covered nation” means— (A) the Democratic People’s Republic of North Korea; (B) the People’s Republic of China; (C) the Russian Federation; and (D) the Islamic Republic of Iran.
I think those phrases are important when discussing any potential "slippery slope" aspects of this bill. It's about companies/applications from specific adversary nations. It's not about just any service that annoys a US politician. The bar here is much higher, and the scope is narrow. While it does identify ByteDance and TikTok by name, it will also apply to other companies from those nations, if they are determined to present a threat to US national security.
I haven't read the entire bill, so please don't take this as advice, but in principle, I think it seems like a sensible measure. A major communication platform like TikTok makes a very effective propaganda and misinformation tool. Exactly the sort of thing that an adversary nation would use to sway political discourse, influence elections, even undermine a democracy.
Of course, any law can be abused, so paying attention to how this one is applied and enforced will be important, just as with any other.