That is a valid concern. The debate really comes down to whom would you rather control the Internet: private enterprise or government?
Seems to me as the Internet becomes ever more entwined with everyday life it becomes important to treat it like common carrier. The owner of first-mike access network should not be in a position to dictate how the connection is used or who is allowed to connect. Their role is to carry bits from point A to B.
The Phone Company of old constantly complained when the FCC would not let it charge higher rates for data and forced them to allow unmetered connection to dial-up ISPs. They rightly complained the voice network was not designed for lengthily calls and using it for data caused congestion problems. The FCC did not relent. Over time the ability to access the Internet in a non-discriminatory manner at fixed cost encouraged experimentation on helped drive rapid interest in Internet that in turn drove demand for higher speed connectivity.
Well-crafted legislation can ultimately work in the best interest of society while balancing the needs of private enterprise. In some cases it forces companies to do things in their long term interest they would otherwise be unable to do due to short term pressure on profitability.