I think you're right. If Wheeler's motive is called into question for a future decision that happens to favor telecom companies, he can try to point to this grandstanding.
He used to be a lobbyist, after all - he knows how this game is played.
The argument that Verizon is throttling Netflix is more solid. It will be telling if FCC report is damning or not, because there is an even-better 'grandstanding' opportunity.
He used to be a lobbyist, after all - he knows how this game is played.