I think you're right about it being a diversion, but I think it's because the American government specifically does not want to make this into a free speech iss

I think you're right about it being a diversion, but I think it's because the American government specifically does not want to make this into a free speech issue because it would directly undermine American businesses that do exactly the same thing and pose almost exactly the same risk of being weaponised by foreign powers (... as we know they have been already) against American citizens. If it turns out that maybe "good speech" simply can't counter "bad speech" when the latter is applied with the resources of nation states behind it, that doesn't feel like an argument the government can win (because of 1A). Ironically, the data collection angle is still critically important for US businesses and limiting the access and use of citizen data would be great for everyone, but it seems very clear that is not on the table for the same reasons.