need for speed
Yep, no excuse for poor service and monopoly in metro areas.
But for rural areas, the distances are so large and the lengths of cable/fibre are so great we'd be talking 10s of billions to refresh it all. Same for Australia - just search for images of 'Overlay Australia' and you will get the picture of how big it really is - same size as Europe, same size as the USA but with far fewer people in the middle.
One problem is ownership. In the USA, if you own something you are god and the slave-master. If anyone tries to take it away or force you to share it then you can claim socialist nationalisation which is downright un-American. Ever since the practical monopoly of Standard Oil was broken up and then found not to fix anything but rather create multiple small SOs (one of which is Esso) removing monopolies has been regarded as a no-fix idea.