Platforms can be heavily tied to particular speech - e.g. Parler, Gab, etc. Banning a platform can hinder the groups that tend to use those platforms.
It seems kind of absurd to just ban one of the most popular apps in the world over night like this, especially with a US company about to buy it. On the other hand, I agree that China has had an unfair advantage in terms of banning US apps. But an overnight ban? This could have been played better.
The interesting question is: What's the end-game here? Europe seems to be heading in the same direction. We obviously want global social networks, and no country is happy with a winner-take-all where they're not the winner. So my (optimistic) guess is that we'll end up with federated (or otherwise distributed/decentralised) networks.