You'd think if the user knew to copy a tracking code into their clipboard, they could also paste it into the appropriate field without the app needing to extract it for them.
Not having to paste is very useful. Especially on mobile where pasting is slow and tedious.
A few months ago I would have said the same thing as you, but then I experienced some applications which looked at what I had copied and automatically did all the hard work. It's a pleasant surprise to see it happen, and having experienced it, I am happy that the applications have this functionality.
Of course if you're living in a world where all the code on your device is considered hostile, then you may not want this. But I use almost only free software and there you can generally start with a presumption of goodwill instead of starting with a feeling of distrust, like with TikTok.
I mean, sure, you're technically correct, but you're missing the point. For just one example, it's so heckin' convenient when an app recognizes that you have a 2FA token in your clipboard copied from your 2FA app and "pastes" it for you automatically.
Yes, but this is still convenient. For example, Pocket (a read-it-later service) checks your clipboard when you open the app. Normally to add a new URL to your reading list, you need to tap through a menu or two from the front page of the app. But if it detects your clipboard has a URL on it, it provides a small one-tap "Add this copied URL to your list?" button at the bottom of the screen, reducing the friction.
Google/Apple maps does this too; if you've copied an address and then open them it offers you the copied address as a suggestion (usually with a clipboard icon) or as an option to navigate to instead of having to copy/paste manually.
Edit: fair responses, all. You've convinced me.