That's exactly it.
Cable companies were used to collecting money for both the pipe AND the content. Before video over the internet was a thing, cable companies were happy to offer Internet service...a new thing to charge for. But now the customers they've abused all these years (due to them having the only wire on their street), are taking the Internet pipe (still the only game in town), and disengaging from the content that the cable company offers. Instead, that revenue is going to NetFlix, Google, etc. And that's the rub. The old status quo, where the cable company can have high prices and poor customer service is gone, and they'd like it back.
If cable companies are permitted to pick and choose what they'll deliver to their customers and/or what speed certain things will be delivered, my prediction isn't that we'll get slammed with a NetFlix block overnight. It's going to be a death of 1000 cuts. First, they'll put data caps (which is fine), but not fine is saying that their own video services will be exempt from the caps. This way, they're giving complete freedom to NetFlix, but getting their foot in the video content door by giving themselves an advantage. That will only be the first step. There will be more insidious pricing after that. But you watch. NN will "lose", and let's watch for the first moves to grab video revenue.