By letting the government build and own the infrastructure, then lease the exploitation of it to private companies, and have other companies do the maintenance. This has its own challenges too, but at least the monopoly is in the hands of people who can be voted out.
This model was used regularly for rail and power networks in Europe, but these have all been privatised in the past few decades citing "cost reductions". The net result is that our infrastructure is deteriorating, consumer prices are rising way faster than inflation, and critical infrastructure is now in the hands of a few international power brokers (e.g. the Dutch national telephone grid is owned by Carlos Slim).
If that's how it came about then I would be more apt to accept that. But in the U.S., I find it doubtful any current telecommunications monopoly came to exist without government involvement. A good chunk of that upfront capital and land requirement was given away by the government for promises those companies didn't keep.
Yet, you need money from the beginning, so you are now back to issuing more bonds, and perhaps, raising capitals with venture investors. This is basically the model of the 19, 20th century railroad race. Of course the government wasn't directly building the railroad, but they were the one who gave the lands and even troops to open up the new frontiers.
This model was used regularly for rail and power networks in Europe, but these have all been privatised in the past few decades citing "cost reductions". The net result is that our infrastructure is deteriorating, consumer prices are rising way faster than inflation, and critical infrastructure is now in the hands of a few international power brokers (e.g. the Dutch national telephone grid is owned by Carlos Slim).