The FCC is localized to only the USA. Those corporations and ISPs can be multi-national. Do not not see how that is much worse for free speech?
An ISP not located in the USA could violate the FCC on behalf of US customers. If the ISPs themselves become government of the Internet then there would be no escape from it except to build a meshnet and they'd prevent that too by simply making it illegal to sell your bandwidth.
When you think about the situation globally then having the government check the ISPs is better than to have the ISPs alone with no FCC and ability to filter our speech according to profitability. Just think about Paypal blocking certain transactions and now think about an ISP doing the same for certain downloads of certain applications.
An ISP who is regulating free speech, given a free market, which I don't believe we have, the ISP would lose its customers and go out of business. The ISPs that survive will be the ones that offer the best service. The best service will come from the most efficient , profitable business model. The FCC does not know best how to run a company, how to make money, stay in business, and provide the best service. They are a heavy coercive hand in the gears of free men. Its now illegal to run a profitable business. (hyperbole)
Alot of my argument relies on a free market. Where honest competition can arise. We don't have this, so we likely won't see the necessary competition to oust the poor service providers.