Ultimately this is a political battle, and Netflix is demonstrating they can get the ears of their downtrodden subscribers. This is an existential threat to the business model of the big last mile providers save perhaps Century, and might even help push them into the worst case of common carrier status, as the FCC is threatening.
Right now I don't read that threat as credible, but, let's say, how about after the first few Congresscritters are sent home to spend more time with their families after an election? We gun owners, probably less numerous than voting Internet users (don't believe gun ownership self-reporting in surveys, for obvious reasons), with nothing more than our organized votes, have moved mountains at every level of government over the last three decades. Ask ex-Speaker of the House Tom Foley about our power (first Speaker to be turned out of office since the Civil War in 1862).
As the Internet, and good Internet service, gets every more important, the potential is there. Getting back to my analogy, the gun grabbers had a fantastic run for a couple of decades (or more than a century, depending on how you count this and gun control starting to really bite non-minorities), before politically effective resistance started showing results.