I think if you reread my top comment here you'll see me disputing the premise of your question. They funded R&D, much of it at private firms and more still at university CS departments, and orchestrated the installation of a not especially good backbone connecting (mostly) universities.
The thing we use today to watch movies on was built entirely by private companies, responding to the market, which detected and amplified user feature requests nobody even took seriously back in the Gopher days.
It's not just that the Internet of 1992 wasn't especially good: that Internet also solved an easier problem than the one we have today. In particular: more of the work could be delegated to leaf networks, and less expertise and capital was required to provide some semblance of a backbone.
I also object to the tone of this Jacobin article, which strongly implies that the backbone was somehow deeded over to telecom giants. That's false. I was the lead technical employee at a regional ISP in the 1990s, and made friends with many employees at our upstreams and at other companies. Lots of scrappy little companies rolled up to create the regional networks that were eventually consolidated into the giants we have today. Anyone who wanted to go all-in on rolling a regional network into a backbone provider had a shot in the 1990s.