Oh no, not the "maximising shareholder value" argument again! This argument has three fundamental problems. First, it is difficult to tell what would "maximise shareholder value". Second, it misses the fact that something that could "maximise shareholder value" on short term could very well minimise "shareholder value" on long term (or the other way around). Third, and this is the biggest one, people involved in a private company (employees, directors, shareholders) often have an agenda that goes beyond simply making more money. That's because they are human beings.
3) All of the big Telcos are public, but your point stands.
To be explicit, I wholeheartedly agree with you about humans making pseudo-random decisions. I'm trying to explain the dynamics of the Telco position, from their vantage point because I think it helps the discussion to view things from other angles.
The telcos are publicly traded, but not publicly owned in the sense of being government-owned and regulated. And that's one of the bigger problems here - the last-mile physical infrastructure should probably be publicly owned.
