I'm not sure if you're familiar with the ISP market in the US, but the point here is that there are many areas in which customers cannot switch to another ISP. If AT&T were to block websites, those customers would have zero ability to access them. Hence the "some companies are too big and influential" bit.
For curiosity I registered and took a look, it’s disgusting and I absolutely support it being obliterated.
I also think that the real world isn’t that hypothetical and there are a lot of rights and wrongs. You shouldn’t give these racists the same freedom.
But if a website is willingly violating terms of service defined by the provider (hosting child pornography, spreading racism etc), I support the IPS to block access or whatever.
The fact that some users have no alternative is another problem.