There WAS a an "apparent" shortage of bandwidth in the early days of radio because radios were relatively simple devices compared to what's possible today. Monopolies captured the regulation to enshrine their old technology into law. Today with Cellular, CDM, MIMO, etc... there's plenty of bandwidth -- if bandwidth still even means anything. So why does the FCC still auction bandwidth like it is still 1934? What's the justification for licensing an abstract thing called "frequency"? What's so special about the Fourier transform that it is enshrined in law? Yet, say, wavelet transforms are unregulated?
If the Internet is regulated, I expect the same sort of regulatory capture as happened in 1934.