There’s a precedent, actually more than one. In the 19th century railroads were a natural monopoly and the circulatory system for the industrial economy. In the 2oth century it was telephony. Now, it’s the internet. (Electric power distribution spans all three eras; but perhaps they should be in data distribution too!)
So-called natural monopolies are the very definition of market failure. There are two well-known remedies: eliminate the monopoly with competition, or declare the monopoly a common carrier, who carries content at the same price for everyone (even, or especially, themselves) in the interest of not allowing the market failure to metastasize. It worked with railroads and AT&T until competition removed the market failure. It has worked with ISPs to this point, with no sign of relief from the market.
Market failures are unfortunate. Failing to deal with them properly, when we know how, is tragic.
