Okay. There have been rules since...forever...about language on broadcast television, right? When have networks ever been allowed to use curse words liberally on the air? Never, right? There have been allowances in context (Saving Private Ryan, etc.)
Personally, I am glad that there are limits on this.
If networks were given free reign to broadcast any language or content they wanted to, network television would be unwatchable (oh, wait...they already are unwatchable...) in a short period of time. They would make all content as salacious as possible in order to boost ratings.
I'm sorry. The networks are like children, and must be treated as such. They cannot be trusted to police themselves, "nanny state" labels by people notwithstanding.
And if your scenario played out a vaccum would form from the disaffected viewers and new stations or programs would emerge to serve this audience.
A free market solves its own problems.