It could only be a good thing.
Many said that about Network Rail
Before anybody starts to tinker with the present arrangement/system/call it what you will, it should be borne in mind that Ofcom has long been able to demand improvements where they have been needed. That it is complaining about the present situation is an indication that it has failed in this task.
Knowing as we do the long list of abject failure in introducing new systems and regulators I for one am sure that any alteration of the present system would be accompanied by a period, long or short, of complete chaos and confusion to the detriment of customers large and small
The current arrangements may not be perfect but if one considers the progress that has been made there is much merit in tweaking rather than embarking on empire demolishing followed by, probably, much wasting of money, most of which would have to be found by the customer
I for one have gone, in a very rural location, from a noisy old voice line via 28kbps dial up to fast fibre broadband in little over 10 years. Much (most?) of the UK has done much the same. That's not bad going in my estimation, and so far as I see the progress continues
It may not be perfect, but be careful what you wish for