Regulation can lead to higher prices. But that's generally only when that regulation is restricting competition in some way. Like the airlines, or the telco industry back in the days of AT&T as The Official Regulated Phone Company Monopoly.
However, its the telcos themselves today, in an environment of unprecedented freedom compared to telcos throughout most of the rest of the world, who are keeping the prices high, and that largely by limiting competition on their own. Everyone's basically trying to be Apple -- particularly in wired telecom, they're optimizing for maximum profit per customer, not trying to net the most customers. Verizon's not laying miles of new fiber anymore, trying to reach everyone. And most of these guys are making 40-50% profit margins. Meanwhile, US internet service is #10 in the world... didn't we frickin' invent the Internet?
Regulating certain aspects of the Internet can definitely improve it for every user and most connected companies. There's no need to make things better for Verizon or Comcast... they're doing just dandy. And realistically, an Internet connection is a utility -- this is obvious to everyone. If it weren't for all the money being spent to buy Congresscritters on behalf of the telcom industry, this wouldn't even be a newsworthy thing. Of course it's an utility. Maybe leaving off the Title 2 classification was a useful thing in the early days to make life easier on the ISPs. But twenty years ago, my ISP was a 5 person company run by an old buddy of mine. Now you're probably getting your service from one of the largest communications companies in the country, if not the world. Comcast owns Universal and NBC for f's sake. Verizon made over $30 billion last year.