> They could be paying more but there's nothing forcing drivers to drive

Drivers take the low pay largely because they lack better alternatives. As long as that remains true and drivers can't negotiate pay, the drivers are absolutely being exploited.

Rideshare companies aren't going to raise rates because there's no labor competition to threaten their workforce and boost wages. On top of that, drivers can't negotiate pay.

How many people do you really think take jobs like that with low pay and no negotiating power because they really really want to? Many of the drivers I've ridden with don't have many other options.