It really does not, considering all the wiggle room ISPs and websites abuse.

Any example in US/Canada in the context of ISPs specifically? Look, I like to rant about my ISP and their pricing, but I don't see where and how they violate net neutrality specifically.

It's kind of on the border but ISPs are extorting money from Netflix for no good reason.

Saying that ISPs are extorting money from Netflix is the same as saying ISPs are extorting money from its subscribers. Or toll roads are extorting money from drivers.

If we've learned anything from the current US administration, it's should be that defacto is only as stable as consensus is, and takes unacceptably little to subvert.