That's a bit of a disingenuous charaterization. The internet is not just HTML anymore. It's a platform for commerce, education, entertainment, etc.

That said, I don't think we particularly need governance on the internet, but more because we have adequate tools to achieve regulatory goals by asserting jurisdiction over meat-space endpoints. E.g. if some phony educational site is scamming people, I think it's adequate to be able to get the operator sitting in Nebraska instead of leveraging regulation on the internet itself.

> The internet is not just HTML anymore.

Nor has it ever been, seeing as how it predates HTML by over a decade.

~2 decades.

Whatever they can get away with would be my guess

I think that this is what most government default to on most things.