That is a nice story, but it isn't true. The FCC has largely been the police of the electromagnetic spectrum. Certifying people and devices, regulating transmission power and frequencies, the FCC has taken care of the limited public property of the spectrum, attempting to promote the public good. While the definition of public good controversially includes notions of decency, that is a small part of the job.
What you say may be true, but that doesn't mean that the FCC isn't a one stop shop for lobbying groups who wish to censor speech.
Imagine how HTML6 adoption will be blocked because the FCC will want to get its burocratic oomph into a spec that requires webmasters to specify whether a site is G, PG, PG13, NC17, etc.
Just google for Michael Powell quotes and you'll see that the FCC should be feared.
