I'm not sure we use it in anything, so I don't see much reason to ban it, no.
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HFCS is a better alternative to sugar for the US. Not necessarily health wise (they both are about as equally terrible for you in the amounts Americans consume them), but in a logistical way. The other sources of sugar are sugarcane, which are only farmed in parts of 3 US states, and sugar beets, which are only farmed in 11 US states. Corn is farmed pretty much everywhere in the US, and we produce a lot more of it. This ensures that we have a much more stable supply of corn, which is important for a widespread staple ingredient in most US foods. This also means the US is not reliant on foreign imports for HFCS since it's produced domestically, ensuring US food security if a major exporter of sugar has to halt exports. This also gives the US an excuse to farm even more corn, increasing the supply of corn and making our supply more stable in the process. Outside of HFCS, corn is used in everything from animal feed to gasoline and batteries, which means running low on corn one year due to an unstable supply would devastate the US; HFCS helps prevent that. Federal corn subsidies also help make HFCS a much cheaper option than conventional sugars, keeping food prices lower which helps people afford to eat. The main argument against HFCS is the serious health effects that it causes when eaten in high amounts, but regular sugar which would replace HFCS in most foods causes the same problems in the amounts they are consumed while being significantly more problematic logistically for the US
No I don't believe in nanny states. If someone wants to produce it and someone else wants to consume it, they should be able to.