“This will damage millions of businesses, destroy the livelihoods of countless creators across the country, and deny artists an audience,”
That sounds like an overestimation of their importance.
My understanding is that TikTok did not introduce anything new nor does it offer anything truly unique. They did a major marketing push about 6 years ago to grab market share of an existing and crowded arena, which they have continued to grow. If they go away, the others actors in this space are already poised to fill any "void", without hesitation, until the next social media trend emerges.