Speculation: The balloon is an educational tool.

Supposedly launched by the Chinese and used to demonstrate the fact that only a robust defense posture keeps the US safe from all manner of unknown perils.

A limp wristed Chinese asset in the WH would allow something like this carrying a payload of:

Fentanyl

Bioweapons

An EMP device

A small conventional nuke

A dirty bomb

Mere spy equipment

To silently cross the border and do untold damage.

If one can come, why not many

(They're tracking a second one over Canada)

The people must be awakened before the solution can be deployed and it will take as long as it takes and get as obvious as it needs to get.