Ya, I agree they are in a much weaker bargaining position. But I guess the way I see it is that at each particular moment, these drivers are making the conscious choice to continue driving.

If at any moment they feel like stopping and looking for other work, they're totally free to do that. So on the one hand, Uber does set the prices and has lots of leverage because of that - but on the other hand, they are pretty beholden to the drivers, because if they set the prices too low, they won't drive. And that might sound a little hollow, until you remember that in most places they aren't even profitable - even though of course they could be if they were willing to lower rates enough. But they must not feel like they have the leverage to do that. Which, IMO, is pretty strong evidence that they don't have undue power if they can't even get themselves a decent margin yet.

I guess from my perspective, when a relationship between two entities is, to this degree, transient, transparent, and independent, it's really hard for me to feel like one of the parties is being exploited to a degree that requires government intervention. If people didn't feel like being an Uber driver was benefiting them, they simply wouldn't do it, or they'd only do it when there were large surge pricing premiums available.