I'm still looking for a regulation omni-apologist who can explain to me why it is rational to restrict the supply of cabs so that it is impossible to flag one during peak hours in many cities. It seems the taxis monopolies benefit and the politicians they support benefit, but the vast majority of us lose.

That's why uber exists and is highly profitable. Unregulated cabs at any price are better than regulated cabs that might as well not exist. And it doesn't hurt that uber has innovated on an industry that has been stagnant for a long time, like most regulated industries.