Your summary of the incentives is not wrong, but I fail to see how it argues against net neutrality. The dumb pipes are basically that. If providing a commodity

Your summary of the incentives is not wrong, but I fail to see how it argues against net neutrality. The dumb pipes are basically that. If providing a commodity service, even with local monopoly power, is not sufficiently lucrative to meet the needs of the greater economy, then perhaps we should admit that broadband is, like roads, water pipes, and power lines, a common good that a free market will fail to provide and which therefore needs to either be owned by governmental entities or heavily regulated and subsidized by them.