This isn't the first balloon. It's just the first publicized balloon. If you want to start selling a war to the American people, a good first step is to show that another country is intruding on its land.
When China moves on Taiwan, there will be plenty of people who wonder why we are getting involved in a conflict halfway around the world. This balloon brings the conflict to our front door. It is to Taiwan what election interference was to Ukraine.
I obviously don't know shit, but that could be why we let an inconsequential balloon travel as far as it did.
Also, fuck John Cena.