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They aren't punishing either one for data gathering. It's pretty clear that the powers that be deem that acceptable. The punishments (and whether you think it's valid or not, FB has been punished) are for what each does or can do with that data. Facebook has legal limits on that. China has no legal obligation to adhere to those.
Facebook has, as far as I know, never been punished by the U.S. for data gathering.
I also don't believe they are not allowed to sell data to all foreign countries and companies. Would congress be this upset if Bytedance was a French company? Or even a Saudi company?
I'm no fan of China and I don't want them harvesting data in other countries, but the genie is way, way, way out of the bottle at this point and congress coming down hard on a single company won't do a thing. This is performative bullshit.