Sure that's possible, but what if their domain registrar disables their domain name? What if Verizon limits web traffic to and from the website? The idea that that could happen used to be far fetched, but now I wouldn't be surprised.
As for monitoring and throttling personal web traffic from our homes, that's long been an issue which is already an issue and not just with Verizon. EFF has brought suit in the courts, but to no avail, as of yet. So as for being far fetched, not only is it not, it's happening now. Comcast regularly throttles traffic to gaming sites/services during peak television hours. What's the difference?