For power users on websites like HN and reddit, this might seem true. But if you take a step back and realize that the large majority of Americans don't use the internet like you do, and maybe never will use the internet like you do, I think this argument holds far less water.
Consider that it's estimated that 13% of Americans don't use the internet-- at all, for anything, ever.[1] Think about how many people probably exclusively use their $60/mo cable internet to use Facebook, read news websites, and send emails. They don't use Netflix, they don't watch YouTube, they only do what they know and they're happy with it. Is it accurate to say that someone with these needs has no choice in their ISP?
Where I am right now, in the middle of central Wisconsin surrounded by acres of farm fields in every direction, I have fiber all the way to my house. In addition, there is reliable LTE coverage on multiple carriers. There's also satellite internet. For the average internet user as of 2017, I really think it's inaccurate to imply that consumers lack choice.
What you're really saying is that there's no competition in the very high end segment of consumer ISPs. And I'd agree with that, there is little choice when it comes to a provider that is willing to offer you a highspeed DOCSIS plan without a data cap, or fiber internet, etc. Most homes probably only have one provider that meets the needs of power users.
And to that I say, "tough shit!" If you're an outlier as a consumer, you're going to pay through the nose for it and you're not going to have a ton of choice. It's not some giant conspiracy to milk consumers dry, it's a matter of business. ISPs don't want to invest billions into infrastructure that some trivial portion of their consumer market really would utilize. It would be fiscally irresponsible to spend all that money for such little return. If posing it that way doesn't appeal you, let me put it another way: it would be bad for the long term growth of the internet to spend all that money to appease a small portion of internet users. That money is better saved and spent later.
You might say, "Consumers will certainly desire faster internet as years pass, so it's an investment they'll have to make eventually, and the taxpayer has subsidized this expansion, so they should be doing it now, anyway."
I believe you'd be wrong to say that. ISPs shouldn't be obligated to be spending money now if they're meeting the majority of needs of their customers. I know online it maybe doesn't seem that way with all the "Comcast-are-Nazis memes", but it's just a matter of overlap between poweruser segment with high bandwidth requirements also being active on the social media you frequent. Elsewhere on the internet, there's a majority of casual internet users who are not coming close to being meaningfully impacted by technical limitations of their connection.
If you're interested in stable growth of the internet as time goes on, you should root for them to save their money now so they can spend it later when demand from the average consumer catches up. Doing anything else would mean spending a lot of money on infrastructure that sits unused, that is antiquated by the time people want it. Think of China and their crumbling empty cities, let's not make the same sort of mistake with internet infrastructure.
[1]: http://www.pewresearch.org/fact-tank/2016/09/07/some-america...