As long as people realize what TikTok is, a very fancy Instagram for videos and it's no replacement for normal social interactions, there would be no problems. Careers have been relaunched using TikTok. As long as people use it properly, it's quite a useful tool.
Tiktok is a non-essential, non-critical apps. There are also many other similar social media apps. India banned TikTok in just a few hours. The US takes many many years to get it banned.