Say you've got a land full of city states. Verizon-town, Comcast-town, AT&T-town, etc etc.
There is one or more superhighway running into each -town. These super-highways generally meet at an 'interconnect point' or 'peering point.' All of the towns build their own highways to the peering points, and because they all have generally the same amount of traffic trying to go back and forth, they don't really charge each other for them.
There are multiple peering points for various reasons.
Now, if I'm understanding correctly, Netflix-town (think small factory town, like) built a superhighway to a peering point that didn't happen to have a superhighway to Verizon-town. So they argued over who should build that superhighway.
In the mean time, traffic from Netflix-town to Verizon-town had to pass through other towns first, with predictable results.
Netflix has now gotten around to building a superhighway to a peering point that Verizon-town is connected to, and HOLY SHIT, suddenly they can move a ton of traffic into Verizon-town.
But Netflix doesn't take data from Verizon-town, like, say, another large ISP might, so why would Verizon-town pay to build said superhighway?
This isn't net neutrality; that would be the creation and sale of toll-roads *within* the various towns. Once Netflix-town's trucks hit Verizon-town's border, they get on the Verizon-town streets to their ultimate destination, same as everybody else. This just improves Netflix's ability to get delivery trucks to Verizon-town's borders.