Once again, those proposed regulations are completely unrelated to how utilities are regulated. All they would do is prevent providers from using their monopoly power in anti-competitive ways. In theory that's SOP for regulating all industries.
Utility regulations pretty much fall into 2 categories, quality of service and rate schedule approval. If they were being treated as utilities, ISPs would be required to adhere to a minimum QOS level. If your individual Internet connection wasn't working, they would be required to fix it within hours, a day or 2 at most, just like traditional PSTN providers. Even a VOIP service sold by a cable provider doesn't get that level of regulation - at least not between the ISP and customer.
For example, Mediacom, the local cable company here, resells Sprint PSTN connections for their VOIP offering. If you call with a connection, or even quality problem and it's due to a problem between their CO and where the PSTN wires terminate, they fix it within 24 hours. If the problem is somewhere between the cable headend and your phone, you're at the mercy of Mediacom's schedulers.
They will get one of their VOIP specialists out as soon as possible, but if they happen to be unusually busy, and especially if you can't be there for a midday appointment, you may not see a tech for several days - even a week or more. If it were PSTN to the home, that would result in enough FCC fines to eat up all their profits and then some.
The television signal OTOH is regulated as a utility. If that goes out, they'll have someone there within 48 hours. If you call Internet support and your TV service is also affected, your service call gets scheduled from a completely different job queue. If there isn't an appointment available within 48 hours, the rep calls dispatch and it gets dumped on somebody's schedule anyway. If a tech ends up short on time, TV calls get priority and Internet calls get rescheduled.
Their ability to set arbitrary rates and impose arbitrary data caps would be similarly unaffected. The phone company's rates for PSTN service are capped at just slightly above maintenance cost for phone service. After the massive deregulation in the 90s, or unbundling as it was called in the industry, they can charge extra for everything beyond the phone number and basic service, but they are required to offer the barebones service by itself. Not that people are going to get service without "extras" like caller ID, but they have to offer it.
There are rural telcos who game the system by providing PSTN termination for out of area VOIP services. However, that's still only because they have government permission to charge extra for connections through their switches. And, once again, the utility regulations stop once the VOIP data is transmitted. One of those telcos tried to sell the company I worked for that service, and my boss turned them down for exactly that reason.
My point is this. When the lobbyists claim this plan amounts to utility regulations, it's purely to back up their claim that they won't have money to invest in the network. All it would really do is prevent them from erecting artificial barriers that interfere with the normal functioning of the Internet.