So other than being big and Chinese, what has this horrible horrible company has in fact done to gaming?
The fact that they are Chinese is not the problem. The Chinese are a great people with tremendous history and culture.
The problem is the current regime in China, a strict dictatorship that disappears dissidents, enforces political censorship and actively pursues industrial espionage. China does not have a free and open market. Absolutely EVERYTHING is controlled by the party. If the party wishes something, you have to do it, or you get shut down, expelled from the country (if a foreigner) or disappeared as a dissident (if Chinese) without any legal recourse. Enforcing their political agenda, and supporting espionage activities is just an order from an intelligence officer away.
Expect any future titles from whatever studio they buy to be censored from any criticism of China or authoritarian regimes in general, and maybe even contain active propaganda against the west, trying to undermine Democracies based on Freedom in general. It can be very dangerous to give a totalitarian regime entryways into our culture and entertainment as I can GUARANTEE it will be used to try to undermine the west from within, feeding players story lines that make young kids critical of that which we hold the most dear, and convincing them that single party rule is a good and viable alternative. I'd argue this is extremely dangerous.
...and what if while you are playing your game, it is scanning through your documents folder and uploading anything it sees as relevant workplace documents from that time you worked from home using your home PC to the Chinese government, which will then turn around and subsidize Chinese knockoffs of the technology and dump it on the international market, driving your workplace out of business, just like they did with Solyndra.
Until China becomes a democratically ruled multi-party state, that has a responsible presence on the international market, and respects international intellectual property norms absolutely everything from China should be considered suspicious.
The Chinese people are great. Their government is dangerous.