A more fair assessment would be: company runs a utility => they need to be a regulated utility!
The core part of air travel doesn’t really feel any different to a bus or metro or train. Off the tarmac then yes it absolutely feels like a Verizon store, as does some of the in-flight service, but there’s always been this weird feeling as a traveler that every carrier is basically the same thing but with different decals on it. Airline alliances are surely the ultimate example of this.
I think the ultimate example is the fact that most routes are run by other companies than the branded carrier; capacity providers like Endeavour and SkyWest just borrow the name and livery of the major carrier they're operating for that day.
Have you ever flown spirit or any of the other ultra low cost carriers?
It very much is a different experience than flying a legacy domestic mainline carrier. I’m not alone amongst people i know who will happily fly the cheap seats on United/Delta/AA but won’t even look at a ticket from Spirit or Frontier even at a significant discount.
Compare it to a flag carrier like Singapore air and it is a shockingly different product.
All that’s an aside: we know what regulated airlines look like since we already tried it, much more expensive, with airlines competing not on price but on amenities.