Competition working as expected then? Especially now that labour laws are starting to catch up to Uber and Lyft.
So perhaps it's not just competition, and we should give some credit to the regulation too.
Or we could accept that "competition" doesn't just have to occur within a free market, and that a regulated market can be efficient while also accounting for externalities that a free market cannot.
EDIT: to clarify, I am agreeing with you overall. I didn't mean my tone to come across as agressive, which re-reading it, I feel it does.