Going by this logic, why doesn't the US kneecap European, South Korean, Japanese, or Taiwanese companies that are competitive with US companies in those industries?

They key difference (outside of China being more adversarial in general) is that Chinese companies like Huawei blatantly steal IP from companies in those countries to make their tech.

Also, Huawei is essentially an arm of China's intelligence apparatus, so keeping them at a far distance from other counties' infrastructure is generally a good idea.

This isn't a protectionist thing, it's a corporate espionage and national security thing.