It's a move designed to garner political points and take advantage of the China-related fear-mongering. They don't actually give a shit about your privacy otherwise they would indeed block Facebook and other equally-malicious US-based spyware operators.
It’s not just political points; for example I’m not allowed the app on my personal devices as part of a work contract if I use the same device for anything work related (web emails etc). Nothing to gain there politically. I’m pretty sure Facebook doesn’t send your clipboard to the US government, anyway?
Why should it matter to me who is spying on me rather than being spied on at all?
Also, I don't know about you, but I find the idea of my own government spying on me just slightly more of an immediate threat then a country I have no plans of ever visiting.
