No, it's really not any worse. Under both systems, the social credit system is run by some organization that has no real accountability to the people it's keep

No, it's really not any worse. Under both systems, the social credit system is run by some organization that has no real accountability to the people it's keeping track of. China's government is, in a way, "privatized", since it only works for an elite group of people who control it, which if you think about it sounds very much like a corporation.