I suppose I'd call it a video sharing platform. "Social media", to me, has an implication of media that is shared within a social circle. Facebook is social media because the intention is to share information with friends and family. No one is posting on FB hoping to have it go viral and make a pile of cash off it.
TikToc is content creators sharing their videos with the whole world.
TikToc is content creators sharing their videos with the whole world.