Copernicus
Industrial Grade Linguist
Cedric Leighton mentioned line-of-sight signals. Those might not be able to be picked up by ground based detectors, or at least not easily.A package hidden at ground level by a spy with a station wagon, can do everything a balloon can do, only cheaper, better, and easier.
So there might be stuff that a balloon would easily pick up but neither satellites (due to atmospheric attenuation) nor ground based "station wagon" stations would.
In any case, I do not think Chinese would send a balloon carrying a huge (it was described as being "three buses" in size) payload just to troll us.
The station wagon idea would not have the same capability to target a wide range of signals from different locations, and it would require human spies to be exposed to arrest and interrogation. The balloon had a "civilian weather research" alibi in place and may have been capable of sending data back to China in real time via a Chinese military satellite. If this was a spy balloon, they had plans to send it over already in place, and the upcoming Blinken visit may have been seen as a way to derail the meeting, which was already being downplayed in the Chinese press before their balloon was discovered over Alaska. They also learned how the US would respond to this kind of provocation, so they probably expected it to be popped eventually. They may also have been testing communication between the balloon and secure communications with it from China. If this was a deliberate provocation, I think that it backfired on them.