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At the risk of committing whataboutism - the same can be said about Facebook, Google, etc. And I don’t say that to marginalise the problem. Quite the contrary - I honestly feel it should be illegal to gather this level of personal detail about people.
That the focus right now is on tiktok is suspect, to say the least, but I guess the upside is that the problem is getting attention now.
Yup, they should only be allowed to collect data necessary to provide the service. And “necessary” should not include ways to increase profit, it should be limited to what’s actually needed. E.g. you need someone’s personal info to run a bank or travel site, not to share videos.
How Big Tech Reads Your Mind
FTFY