Generally what's good for US companies is good for the US and its people, I'm fine with a legislative response to the equifax breach, something along the line of mandated disclosure and penalties for lax security but we are in the midst of a global battle and so our tech firms must be protected and not assailed by our gov't.
The same lack of regulation over what Google, Facebook et al can collect about you is also lack of regulation over what Huawei, Xiaomi et al can collect about you. It's not giving US companies any competitive advantage. The Chinese companies have the advantage that they're also collecting the data on Chinese citizens, which is out of bounds of US companies unless they're conducting shady deals with the Chinese government.
