Airwaves are not protected by the 1st amendment, due to the limited amount of bandwidth that physically exists. As such, the FCC has extraordinary powers, including enforcing watersheds, forcing children’s content hours (“E/I”), censoring the F-bomb, and enforcing a 7-second delay on live content to prevent another Timberlake Super Bowl.
The first amendment also does not apply to highway billboards; which is why you never see a vagina on the roadway. Not all government control of speech is oppressive or inconsistent.