At least iCloud is run by a third party and not Apple (GCBD). Similar to how Blizzard does with their games and why World of Warcraft disappeared over night.
Important distinction to make when it comes to privacy and security (there’s none) and how Apple washes their hands clean while keeping the Chinese government happy.
Probably because the Chinese market is already full of Chinese social media companies. How do they expect to compete if they enter? It's not 2004 anymore where starting a social media on Harvard campus was a big ticket.