Overpriced is this: I can pay to a pirate taxi service 2-3 times less and he is still fine. For example, Taxi drivers here needs to pay money to medallion owner and prices are determined by their guild and government centrally. There is no competition or any concern of consumer expectations.

He said nothing about what wages the employees make. As a consumer this is not your concern when you think about pricing. I don't care how a company manages it's money. I just care about how much their services cost versus what it's worth to me.

Except it does. A taxi occupies 100% of the attention of a human being as he drives you. How the heck can you not considet his wage when asking for a price drop? If 75% of your price goes to the driver and the driver makes minimum or near minimum wage, where do you propose the cost savings come from?