Seer of the tapes! Knower of the episodes!
Not exactly the same problem. In the same way that gun control doesn’t address the problem of hostile foreign militaries. Yes, both involve guns, but the laws and policies that address one are inapplicable and inappropriate to the other.
The law in question addresses the problem of foreign adversaries having easy access to manipulate US public opinion. The law you suggest addresses the problem of advertisers having that access. Both are serious concerns, both need to be addressed, but they are not the same problem and the solutions are markedly different.
If social media companies exist to collect massive troves of personal info from users–and they do–then there is a valid national security concern over social media controlled by an adversary. This is distinct from the individual privacy concerns towards domestically-controlled social media.