For video, they generally reduce the video quality throughput, eventually reducing bitrate, causing buffering, and generally making your experience miserable unless Twitch, Youtube, etc pay the providers NOT to on behalf of their users. Cellcos particularly do this a lot to reduce quality so people aren't trying to watch 4k streams on a phone just because they can, it'll negotiate them down to what they feel is an acceptable like 480p, usually with some clause hidden in the fine print of your contract about acceptable use.
South Korea simply legitimized all their ISP's doing so, as much as Ajit Pai did repealing net neutrality for American ISP's as their puppet under Trump.