"Fares are regulated to make sure that cab drivers can earn some kind of living..."
A cab driver who can't provide a service good enough that they can make a living needs to improve. Provide wifi to customers, or their choice of music, or aromatherapy, or an armed escort to/from the cab in dangerous neighborhoods. Just knowing when a driver has chosen to give you a ride and having information about where the driver is and about when they'll arrive is a vast improvement over the cabs I've taken--but the entrenched government-awarded monopolies have no reason to improve.
Of course, this will all be moot when autonomous cabs come along--except that the entrenched cab companies will be fighting them instead of Uber et al.