The flip side is the ISPs selling all you can eat services to customers, then intentionally reducing the priority of Netflix traffic, forcing Netflix to enter in to an agreement with them to "have priority" or at least parity with other customer content requests.
This works both ways.
Net Neutrality is what you are referring to here. Not peering.
Truth be known, networks are always prioritizing traffic. The government just forged a FirstNet agreement that prioritizes first responder traffic above any other traffic type. There's general consensus that ambulances, fire departments, and police traffic serve more of a greater good than Matt's porn and Dio's video gaming. Your call to 911 and communication between first responders will get priority. The porn and video will still get there, but it will be a few milliseconds after the emergency call. Your e-mail and text messages are near the back of the line. It might take a few shakes of a lambs tail to get that message across the internet after I hit "send".
Hopefully emails that contain viruses or transmissions that are part of a DoS attack don't get delivered at all.
All these types of prioritization are necessary to meet public needs, resolve congestion, protect the network.
Network traffic is somewhat predictable, but a weather event, or big public event, or some disaster might generate a spike in traffic volumes that don't otherwise exist. The networks are engineered to deliver traffic on a priority basis. The FCC and public are generally okay with this type of prioritization.
The policy gets more contentious around data throttling. Carriers will throttle users who use bit torrents and/or otherwise exceed more standard traffic patterns. The throttling might be triggered at a fixed number like 300-500 gig/month. Or it might occur when there is congestion. High data users are "encouraged" to upgrade to services that are engineered for their traffic behaviors. The industry allows for consumers to be charged more for faster speeds with more data and charge less for slower speeds and less data.
The use of 1-800 numbers are well known to telephone users. The receiving party picks up the long distance tab for the customer.
The internet equivalent of 800 numbers has been contentious. It is not allowable for Amazon or Microsoft or Netflix to pay for your internet in exchange for the ability to control your browser, sent you pop-ups, and otherwise shape your internet experience.
However T-mobile can give you unlimited streaming when you use Pandora. Similarly AT&T can let you stream Directv without impacting your data plan. Meanwhile Amazon Prime or Netflix might count against your plan, have low resolution, or latency. If Netflix or Amazon agree to pay for or partially subsidize consumer data plans, and partner with networks to optomize network design, they are able to do so at a price. Is this behavior also subject to net neutrality? This is one of the current debates.