Absolutely, internet access is less fungible than electric power. In my area, I can purchase my electricity from specific generators, but they don't run a line to my house from the windfarm; instead, all of the generators are connected to the grid, and so is my house, and I get a nice sinusoidal 220-240 VAC @ 60hz.
In contrast, if I choose between different ISPs, ignoring the inherent differences in latency and bandwidth of the medium and protocols, my packets could have a very different path through the internet depending on how my ISP is interconnected with the rest of the network.
If they embrace local peering, then my bits may not need to travel over very many networks when connecting to relatively local destinations. If they shun local peering, but have good local transit, then my bits may have to travel over more networks, but not travel far. If they shun local peering, and their transit is also not local, then my bits will have to travel a long way to get where they want to go. If the peering or transit connections are inadequately sized, then there will be congestion there that's dependent on my choice of ISPs.
There is fungibility in bringing my bits to a specific carrier neutral location; but bringing my bits to the internet at large is not fungible. If you want to regulate as a utility connecting homes to the nearest internet exchange point, for some definitions of nearest and internet exchange point, that's probably the limit of coherent regulation.