As Internet Shatters Middleman Role, What’s the Reason for the FCC?

With the Internet vastly undermining the role of the “middleman,” why do we accept that the FCC – one of the market’s middlemen – still has the same role (cop on the beat) that it traditionally has had for the past 75 years?  Hasn’t technology, consumer education, industry best practices, marketplace guidance and reputation management “open sourced” the “policing” function we allowed the FCC to once do?

Isn’t it time to just let the market work, and tweak – i.e., eliminate  – regulations that needlessly / dubiously place the FCC in the role as top policeman?  More specifically, if the Internet has “changed everything,” why hasn’t the role of the FCC / government regulator been similarly shattered?  Are regulators somehow immune to these dynamics?

Or, do we let them be so?