I'd argue that the really sneaky play here, and this applies to both network-effect web companies and ISPs, is data.
Which is why ISPs fought privacy provisions so vehemently.
ISPs control the last mile, so they're technically free to use DPI, packet injection, etc.
But web companies control the application layer and have much more finely grained ability to instrument and track users (in their experiences or others').
And I'll lay a bet down right now that the killer app of the future is going to be predictive or ml-enabled experiences. Experiences that simply can't be created without the right data, at scale.
And handing all that to scaled web companies without encouraging disruption via market regulation? That terrifies the hell out of me.
Not mostly because I care about being tracked or my data, but because of what kind of market and world "data winner take all" produces in 10-20 years.