The credit rating industry in the US is very heavily regulated. Setting aside whether the regulation of that industry is good or not, there is really only one US credit scoring system and it's effectively controlled by the government, so this is not an example of multiple, privately controlled, competing systems at work.

The Chinese "social score" system would almost certainly be developed and administered by private companies (prototypes and precursors have been). The government would just set the rules. So in fact it would be similar to the US credit system in this way, one system, dictated by the government, private entities just handle its operation.

And to combat the flaws in the private system the government passed laws giving you the right to see the data they have and challenge that data. Are you arguing that statistical analysis should be outlawed? Do you think everyone should have to pay more to borrow money?