A lot of the classic telecom regulations were taken at a time when the telephone company had a legal monopoly over all customers. Everyone had to sign up with AT&T.

So there were very good reasons the government got to dictate their business models. It was quid pro quo.

But I don't think interchangeability is the same as treating them equally. AT&T had to connect you to anywhere globally, but it didn't have to do it for the same price. Local vs. long distance vs. international.

Some cellphone companies even had "pick 5 free number" plans. Nothing bad happened.

Plus the internet seems to achieve total interactivity without it being mandated. Though a lot of the backbone internet came from regulated telecomms. Maybe I can't count on the internet developing in a free for all.