The bill doesn't address Chinese ownership of US customer data. The bill is specifically about social media, and doesn't apply generally to other Chinese companies that also suck up US customer data.
Yet you admitted, another kind of services would "presumably not be banned by this bill because it lacks those social media features. Maybe it would be banned by another law, ..." which is in agreement with comments saying that this bill is targeted at Tik Tok.
The irony is that the pedagogic aspect is secondary if those comments are right, but because data which documents how much the people are lacking impulse control is at ridiculous levels, if I am projecting myself for a second. The why you don't face book and study meme applies.
On the surface it's about the kids. But congress is a social network with thought leaders and lobbyists, too. They ought to know the power those even bigger networks can have.