If ISPs censor content we are free to no longer choose to use their services and pick another ISP. With the feral government your choices are to either comply or pay fines or go to prison. The problem is the more power you give the FCC the more likely they are to continue chipping away at our First Ammendment rights. The FCC is much more likely than a corporation to censor content. Even the definition of "censor" describes a government action -
cen·sor
ˈsensər/Submit
noun
an official who examines material that is about to be released, such as books, movies, news, and art, and suppresses any parts that are considered obscene, politically unacceptable, or a threat to security.
Note: "an official..."
If companies like facebook and youtube are spending money to censor content it is probably at the request of, to be on the good side of, or for fear of government.