You can read Ajit Pai's statement here:
http://transition.fcc.gov/Daily_Releases/Daily_Business/2017...
> Today, I have shared with my colleagues a draft order that would abandon this failed approach and return to the longstanding consensus that served consumers well for decades. Under my proposal, the federal government will stop micromanaging the Internet. Instead, the FCC would simply require Internet service providers to be transparent about their practices so that consumers can buy the service plan that’s best for them and entrepreneurs and other small businesses can have the technical information they need to innovate.
If you get around the spin in that statement the argument is a fairly conventional one:
Government regulation inhibits technological innovation by requiring internet service providers to provide their services in the same way they always have. If regulations were removed new ideas could be tested in the market and no one can predict what new technological innovations may occur.
How is removing a regulation limiting freedom?
The real heart of this issue is not what Comcast or Verizon will do. If they did things that customers didn't like, and customers were free to leave (as they are now), then they would leave.
Rather the real heart of the issue is that customers may actually welcome the changes. Maybe most people would be happy with only having access to a few sites, or a slow lane for less cost. And the kind of folks who read hacker news would end up being collateral damage, and the original, global, universal vision of the internet will have been lost.
In my opinion the worst-case, dystopian scenario here is unlikely to happen. There are just too many people out there who really do value an open internet, and although there may be a period of adjustment, someone will enter the market to provide what customers want, though it may be significantly more expensive than before.
But I guess it comes down to whether or not you believe in the free market or not. The pendulum swings in american thought, and I'd say we're currently in the panic, distrust and pessimism side, but we'll head back the other direction in a few years.