Lots of opinions on this, but here's mine: This isn't on the FCC at all, it's on the FAA and RTCA. They're the ones that didn't do their jobs.
Here's the background:
Back in the 60's, the FAA and RTCA issued the TSO and supporting DOs for Radar Altimeters. The FCC had allocated a frequency band for the radar altimeters to operate in. The TSO restricted radar altimeter transmissions to the allocated band, but assumed that there would be no strong interfering signals withn 10% of the transmitting band - that's +/- 400MHz - which is huge. The FCC did NOT allocate that 800MHz wide swath of spectrum to radar altimeters, it's just the guys in the 60's that wrote the relevant TSOs and DOs assumed it would stay empty. There were two updates to those TSOs and DOs, the last being in the 80s - but with no significant change to the "don't worry about interference from this 800MHz swath, even though it's completely outside our control" idea. So the FAA and RTCA generated a crappy spec - one that worked when no-one was using adjacent bands, but would be vulnerable to interference if those adjacent bands (again, NOT allocated to radar altimeters) ever started being used.
In the meanwhile, avionics companies went off and built radar altimeters and certified them against the TSO, the FAA built some approaches around them, and radar altimeters started getting integrated into big jets' avionics - so a good deal of operations now depend on a functioning radar altimeter.
Then the FCC auctions off some of those bands that are OUTSIDE the frequency allocation for radar altimeters, but inside the imaginary 10% "you don't have to worry about interference from these frequencies" range, that the FAA and the RTCA just MADE UP 50-60 years ago. So now, a mess. There may be some radar altimeters that outperform the TSO and will work fine with 5G in its band. A filter in the radar altimeter can solve the problem too. But the system will move at glacial speeds to address those (new TSO? recertification? Bring money. And time.) That said, this glacial system has produced the world's safest commercial air transportation system.
Hence my view: This is completely on the FAA and RTCA. They wrote a crappy spec in the 60's, had more than 5 DECADES to fix it, and didn't, so they tripped over their own shoelaces. The FAA was NOT allocated this "super guard band", they just assumed it. It's not the FCC's job to work around crappy specs of other agencies.
YMMV,
--Tony