The space-based satellites can read the side numbers on aircraft.
I suppose putting those same cameras on a balloon might be able to tell if I shaved in the morning or not. Other than that, I'm not quite sure what additional intelligence it can gather.
I know everyone loves a juicy conspiracy but it's not outside the realm of possibility that this balloon was nothing more than the weather balloon China said it was.
Side numbers on aircraft are 12 inches. There is plenty of intelligence of interest that is smaller than that.
From what I’ve read, at the altitude the balloon is flying it can intercept all cell phone signals and listen in on all cell phone communications, which the satellites cannot do.
Or it could have been filled with insect or bird sized drones, let out all along the way to complete some other task. Intelligence gathering, leaving some sort of tiny homing signals, even a biohazard payload such as some agricultural disease.
Of course a payload wouldn’t be dropped from 60000 ft. But a multiprocessing dispersal by tiny drones, very possible. Maybe created to complete their task then self destruct while still miles up.
Again, drones are quite sophisticated these days.