China gets intel from satellites all the time. The balloon (not simply a weather monitor) isn't going to provide a gold mine of intel with end of days strategic implications.

Politically it is a major China win / US loss. Impotent US government showcased. Blinken will meet with Xi regardless and US will do nothing.

US should have known about and taken action while it was over the ocean or Canadian tundra.

It has also served to distract from ongoing Potato documents and other BS. Very convenient.