What kinds of governance are even required on mediums used to communicate information?
That said, I don't think we particularly need governance on the internet, but more because we have adequate tools to achieve regulatory goals by asserting jurisdiction over meat-space endpoints. E.g. if some phony educational site is scamming people, I think it's adequate to be able to get the operator sitting in Nebraska instead of leveraging regulation on the internet itself.
Nor has it ever been, seeing as how it predates HTML by over a decade.