The Constitution gives the feds no authority to interfere with "communications." The Commerce Clause's limited intent is for the feds to remove hindrances to interstate commerce, not commander all "communications" in our country.
Well, airways are a finite resource. If left totally unregulated, we may not be very happy with the results...mostly likely resulting in totally unusable frequencies, due to everyone stepping on everyone else.
But the FCC has to TOTALLY get out of the policing business regarding speech. They should only be involved in divvying up the airways and that is it.