They may have a peer balancing agreement, which is not being held up, but they're also still being payed by their customers to provide access to content outside of their own network and Verizon is enforcing a limitation from another agreement (the peering agreement) that is affecting their ability to provide the content their customers want to have access to.
You can't have it both ways. Or... I guess you can, as Verizon has shown.
Commercial ISPs vs. Consumer ISPs is a useful way to frame the issue. From an economic perspective, the big difference is that the Consumer ISPs generally have a monopoly over the Consumer endpoints, while the Commercial ISPs do not have a monopoly over Commercial endpoints and must negotiate a competitive market.
This obviously gives the Consumer ISPs pricing power in all of their business dealings (including any peering contracts that they force the Commercial ISPs to sign). The fact that Verizon owns RedBox (a Netflix competitor) & sells TV packages is just further motivation for hampering the interconnection.
They may have a peer balancing agreement, which is not being held up, but they're also still being payed by their customers to provide access to content outside of their own network and Verizon is enforcing a limitation from another agreement (the peering agreement) that is affecting their ability to provide the content their customers want to have access to.
You can't have it both ways. Or... I guess you can, as Verizon has shown.