Government regulation of the spectrum is quite extensive. It determines who can use what portions of the spectrum in what geographic areas. It ensures that signals overlap. It required TV broadcasters to ditch analog signals and switch to digital. It censors a great deal of the airwaves.
All that net neutrality requires is that ISP's treat all traffic equally. It doesn't involve government divvying up bandwidth, or censoring language, or determining which ISP's can operate in which regions.
It will help prevent a specific anti-competitive abuse by certain monopolistic ISP's / content providers. That's pretty much it.What will be the impact of the government having a say in the utility.