It's called "Deregulation". Congress did it to the airlines and to AT&T; we can see how well *that* has worked. The airlines are competing, but it's become a crapshoot as to which one will be in business by the time you use your ticket and AT&T is fast becoming Ma Bell again.
And again, the math for their charges still doesn't work. An SMS message is literally 140 bytes long, costs about 25 cents to send at .10 cent per byte (that's one-tenth of a cent). As a contrast, a CDROM costs about .0000000003 cents per byte. That's 3 BILLIONTH's of a cent per byte on a CDROM. It cost's them NOTHING to transmit that SMS message as it's inserted into a blank space 140 bytes long in the transmission packet, built in for error checking that isn't used anymore.
The argument about not reading your contract or you should know better doesn't work when it is painfully obvious to someone who can do basic math that the profit margin on data transmission is hundreds of thousands times greater than the costs. And if my math is off by a decimal place or two, it's still obscenely greater than anything the banking or oil industry's do.