It's about censorship; specifically content from the land of Free Speech (America).
All of the above.
They mainly want to control the spread of unwanted ideas. You will note that those in opposition are mainly totalitarian regimes who are extremely fearful of uncensored communications reaching their great unwashed. God forbid that they might receive unfiltered information and might start to think critically about their circumstances.
Next they want to tax it. Specifically, they want to extract wealth from the USA and the West to redistribute to the rest. Probably they will want to impose a graduated access tax, with "select" countries exempted.
Then of course, they would insist on free advertising for their pet causes. Thus users would be inundated with popups advertising all manner of socialst causes.
The Dims would of course go along with these controls, as long as they could benefit similarly in the USA. I can imagine an "Internet Fairness Doctrine" coming down the pike in time.
And Bush will sign it...