And none of that would have helped resolve the issues with the fact that they are still under the control of the Chinese government.

It doesn't matter where the data is if China controls the code. It doesn't matter where the servers are, if China controls the code.

Government oversight doesn't help, because you can't provide the level of depth and insight requires to actually make sure that everything is being done properly.

To exert the proper amount of control and security over a company like this you basically have to nationalize it.

Why does having control over the code matters when you can review the code? The argument you make is like Microsoft during the 90s when supposedly anybody can sneak malware into an open source codebase, which just isn't true because of reviews.