You are likely underestimating the staying power of ByteDance. They have a portfolio of successful apps within China, such as Toutiao, and have probably overtaken Baidu to be the 3rd most important software company in China (after Alibaba and Tencent). Unlike Vine or Snap, they have a lot of e-commerce revenue and are a major sales platform.

Should they be allowed to continue expanding internationally, something like a Facebook or Amazon peer would be the more relevant comparison.