What makes this decision arbitrary or capricious? The administration and the FCC see a policy objective in deregulating the internet, just because you disagree with it doesn't make it arbitrary.
It's going to have definite winners (telcoms) and losers (tech companies) but that is true of literally every type of regulation.
There are respects in which, say, fracking is not the best thing for the public either (lighting your tap water on fire, etc). The party in charge gets to decide what the best interests of the public are, and what policies to use to achieve them.