Simu Liu not being considered Chinese, his negative view of communist China in an interview made years ago, the story of the comics character he plays being considered disrespectful to China because Shang Shi's father is Fu Manchu and the way this character is portrayed in the comics, not to mention the story of Shang Chi being the story of a young Chinese man who gets a better life in the States after leaving China...
It was banned for many reasons, all very silly, tbqh. Everything offends China.
The movie was pretty entertaining, the addition of all the Chinese Mythology elements did it lots of good.
Last movie I watched was Venom 2 There will be Carnage and it was pretty forgettable, much more after watching the post credits scene.