> If I don't get billed for my power usage then I'm 100% craning my AC, as will everyone else

Sorry, in what relevant scenario does the power company never get paid?

OP pointed out a potential feedback loop between the cell network going down and the grid failing. Are you suggesting everyone will crank up their AC when the network fails because the power company will have some difficulty collecting metering data that day?

If modern smart meters are anything like classic mechanical meters, they have a counter of the total amount of power consumed so far, and the power company bills the difference between the current reading and the previous month's reading. Which means that, once the meter can be read again, you will be billed for all the power consumed in the meantime.

Smart meters still retain the total overall usage. Even if the power company doesn't read it for 3 months, they'll see the increased usage the next time they come by and apply it to your next bill.