There will be competition.
There is no reason for the Internet to be an exception to normal market practice.
What this is all about is that, right now, companies cannot make deals that allow internet traffic to work faster with some sites than others, the idea being that those who pay more would get faster service to certain areas. More likely the situation is that sites with heavy traffic- those dispensing music or films- would have to pay more for the use of the wired infrastructure. The fear is that such costs will get pased down to customers, one example fear being an increase in the expense of itunes, as Apple have to pay more to ensure their service is using the high-speed connection.
As this data does indeed pass through the wires that BELONG to the companies in questions, I really do not see any logic that says they should be legally prevented from doing this.
The Internet is not a charity. It is an incredibly expensive and expansive infrasturcutre that is absolutely a luxury good. Telephones and television are run along corporate lines. Corporations provide the Internet for you. I am afraid you will just have to accept that the Internet is a Corporate owned product and that they have the right to market it as they wish!
Something else you should realise is that the net is global. Market forces are going to dominate in the world. The US cannot legislate that out of existence.