My understanding is that the taxi medallion system originally came to be because there was too much competition in the taxi business, leading to corners being cut (e.g. maintenance) and overcrowding by taxis in certain places. Maybe we're learning this lesson again? This level of competition has brought a lot of convenience and comfort improvements over taxis. But from a big picture point of view, I'm not sure that this level of competition is a good thing. I almost wish Uber/Lyft were more expensive (and that money went to drivers). I'd use them less, but I'd be happier about using it when I did.