Security or politics or economic competition ?
Be slow to take the alleged reasons as being the true ones.
China has grown a lot in economic and political power, it is doing a lot of things that we do not like: interning Muslims, reducing freedom in Hong Kong, internal surveillance, ... and lastly threatening the West's world dominance.
You can either believe that international relationships should be warm & cuddly and all countries work to mutual benefit; or that it is dog eat dog and every country acts to achieve dominance. If you are weak (economically, militarily) then you try to cuddle. If you are strong then countries seem to try to dominate; the USA has done that for years (even before Trump's "America first" policy). China is increasingly trying to dominate.
So how should others react to China's bullying actions ? Do we let it continue and become ever stronger or do we clip its wings ?
It seems clear to me that the Huawei debacle is about clipping China's wings.
The USA cannot just do so, World Trade Organization rules prohibit discrimination between trading partners, but provides exceptions for environmental protection, national security, and other important goals. So a reason needs to be found: security is a good excuse.
If we ban Huawei then Western kit will be bought. This reduces the money that we send to China and benefits Western manufacturers - although, sadly, probably not any British ones -- although Brexit might (maybe) allow the UK government to help such initiatives -- if they can see that clearly.
I leave this to you to decide if stopping Chinese dominance and rebuilding domestic manufacturing (at a price) is a good thing or not.