Doing this would require reinvention of network protocols to ensure that packet content cannot be faked (boiling down to FCC licenses for every router that passes packets and every peice of software that creates/recieves packets). This might be the dream end-state for the internet for governments and copyright holders, but has little compelling value to end-users.

The internet USED to exist as a dial-up store and forward system (UUCP, NNTP, etc), with fixed backbone connections. A reinvention of the internet that turns it into TV would likely mean an immeidate re-birth of the OLD store and forward internet, only supported by wireless mesh networks.