The Federal Communications Commission just concluded its latest spectrum auction and, on its face, it seems like a flop. In a sale of licenses to operate in the 28 GHz band, suitable for new and faster 5G wireless networks, the agency raised only $702 million. And the highest winning bids totaled only $12.5 million and $11.4 million for licenses covering Dane, Wisconsin, followed by $10.3 million and $10.1 million for Honolulu.