You know that many practices, like price dumping (having preditorially low prices of things) is illegal for the obvious reasons? In a price-dumping kind of way, do you see how what Facebook is doing could be very bad?
You seem to have skipped a lot of specifics.
The analogy would be closer to the Rockefeller relationship with Oil. They controlled the entire system (and was eventually found to be a monopoly and broken up).
The above comment wasn't meant to say that Facebook is going to do harm (intentional), but that it's "harmful" (for the overall internet ecosystem) for Facebook to control internet access (for close to 2B people) like this.
[1] please don't take this comment down a "series of tubes."
On the other hand, I agree that we are going to see some awful things as a result of internet.org activities.
From my personal view as an employee of one corp, it all comes down how people are rewarded/motivated to get things done. If short term profit is the king, morals are not so much part of the equation, resulting in all kinds of mess. Exceptions do happen, but they are what they are - exceptions...
Even if an employee is in charge of the big decisions, still no dice. No one of them can decide "Choice A makes more money, but choice B is the moral one" and make choice B without repercussion. Said repercussion usually being firing, demotion or career derailing. Then you get somebody in their position who WILL make the profit decision.
Everyone in a company is responsible to the board, who are responsible to the stockholders, who are individually interested in profit only (by definition).
Money is not just money, it equals to power as well, so those with the majority will rule.
Money is in that sense not directly harmful, but misunderstanding that companies have their own agendas is rather harmful.
My guess is they are optimizing for long term revenue, ie avoiding an indian vkontakte.