If they have to vet every single piece of information, that’s not an internet connection at all; they won’t be able to allow any message boards, any third-party hosting, any user-created content at all.
That’s exactly the point. They want to eventually turn the internet into cable TV. Who cares about user content? We’ll only allow what we want to, based on Nielsen ratings(!) or something similar - popular, safe, family friendly feel-good crap to keep the people docile and dumbed down.
Also if this thing goes through, we may well see mergers between ISPs and content companies. So Disney runs its own ISP and charges extra to access its content, or prioritizes its content over that of independent users.
The rise of the public internet was a happy accident thanks to DARPA. Had there been no Cold War pressure for a distributed network that can route packets around disabled/destroyed nodes, we would probably have started with some centralized proprietary walled garden set up by AT&T. Or just imagine a world where the internet was replaced by AOL.