Not the whole story by any means
It can certainly be argued that equitable access to the "last mile" is badly needed in the US to prevent monopolistic behaviour. But that is only a tiny part of the net neutrality issue and wouldn't do anything to prevent biased provision of capacity deeper in the network, or by intermediaries such as content distribution networks. The problem is network-wide, and that means internationally too. I don't see quite how the FCC can regulate the behaviour of off-shore carriers.