I think the actions taken by Biden and our military and intelligence services make complete sense and were appropriate.
It is considered a potential spy balloon. It makes complete sense to take it down in a controlled manner to be able to determine the nature of the equipment carried by the balloon. Taking it down over land would damage far more of the balloon/equipment than doing so over water, and also would endanger civilians on the ground (falling debris). It was shot down over shallow water off the coast of South Carolina, a place where debris is more likely to be recovered.
Pundits complaining it should have been shot down earlier are foolish (
https://www.huffpost.com/entry/donald-trump-jr-chinese-balloon-solution_n_63dd567ce4b01e928871075b), that would have risked human lives (Even more foolish is the idea that gun owners in Montana could take down a balloon from an altitude of 66,000 feet). Those saying not to do anything are also foolish, given the possibility (likelihood) that the Chinese were using it for spying. Even if the equipment turns out to be scientific and not for spying, the protocol should have been for the Chinese to notify all countries that might have the balloons crossing their air space. Since that did not happen before the Canadians and USA spotted the balloon, I think that the Chinese were spying. Reuters story here
https://www.reuters.com/world/us/biden-says-us-is-going-take-care-of-chinese-balloon-2023-02-04/ Another similar balloon is flying over Latin America. There have been similar spy balloons in the past.