What he did he actually say? He said net neutrality was Obamacare for the internet. That essentially means that the internet, as we know it today, is an overregulated mess where a person's right to choose options is debatable. However, as we all know, the internet as we know it today is one of the few mediums where access to content is only lightly regulated. For example, can you access whatever website you'd like without issue? Great! That's net neutrality! No net neutrality? News sites become part of a package. You play video games online? That becomes part of an entertainment package. Want to go on Netflix? Prepare to pay extra to Comcast because they feel like getting in on Netflix profit. Now remember, under net neutrality, none of these things are possible. All content is treated equally.
In short, Ted Cruz is arguing that the internet under net neutrality, which is what we have now, is going to be more restricted if it stays under the same system. It doesn't take a genius to realize the errors in that argument. Net neutrality is what has allowed innovation on the internet, good and bad. Without it, the internet becomes no better than a Comcast cable package and we all know how great companies like Comcast are.