We used to have competition for Internet services (dialup and DSL), now we don't (most people access the Internet through cable which is a monopoly).
The reason why we are losing NN now is because it's become feasible from a technical and business perspective to violate NN.
Pai's arguments are pure unadulterated bullshit. Abolishing NN will not increase investments or create competition. CEOs are on record that NN will not impact business or investments.