Peering Policies said:

So in order to maintain connectivity to both of these providers, one
would need to buy transit from each.

If the connectivity problem is merely on the peering link between
both providers, simply by transit from a third party who has some
clue instead. Then none of your traffic will traverse the congesting
peering link. Clueful transit will ensure their peering works
to the best of their ability. said:

Wouldn't this type of apathy tend to push toward government
involvement in this industry?

Incompetence, lack of innovation, etc. etc. from large networks
which have economies of scale and would otherwise dominate the
market, is largely the reason which small companies survive,
compete, grow and become large companies. This is true throughout
the telco world. It's the free market. Once Sprint
had no IP network to speak of.

If you order the 5 largest IP networks by traffic profile, you
may get some surprises.