This is a case of a regulatory agency overstepping its bounds and seizing jurisdiction outside of the domain allowed for it by Congress. That's the language in which the bill is framed, the the way in which it has been discussed in the past weeks and months that is has gotten (minimal) coverage.
Then the issue got picked up and spun when somebody called attention to the fact that the FCC's regulations (which they were not authorized to make) were more consumer-friendly than the FTC's. That's true, and it's a real problem. But that does not mean that the answer is to sanction the FCC's power-grab here. The right thing to do is to pursue consumer regulatory protections _within the confines of the law_, which means either petitioning the FTC or new legislation.
Don't confuse concern over process with favoring the resulting outcomes.
ISPs should be classified as modern utilities. They are trying to be the infrastructure provider while being regulated like the business' that consume the infrastructure. But they don't want to be classified as such because of the burden of regulations this would inherit.
I've yet to meet someone in life that thinks that their internet provider should be able to sell all information about their activities (while charging for the service).