I'm probably wrong but this stupid Chinese balloon story has many hallmarks of a media psy-op for distraction
It's a convenient distraction from Ukraine losing against the Russian invasion (certainly in the east) and probably going to be in a terrible bargaining position later this year thanks to the help of the USA, NATO and Boris Johnson. They will be lucky if they keep everything west of the Dnieper river. Donetsk, Luhansk and Crimea ain't ever coming back, that's for sure.
Plus the fact certain forces in the USA recently even said they think they will be at war with China in a few years.
What a coincidence!
China can put countless satellites in space, monitoring whatever the USA is doing and even make all the iPhones sold in the USA, but a balloon?! A balloon?! Yep, THAT's not acceptable!