Regulation is also the reason why your cabby has mandatory rest times, which are strictly enforced.

They're the reason why (at least where I live) there's a alcohol limit of 0 0/00 for taxi drivers, with zero tolerance for violating it.

Those pesky regulations enforce mandatory maintenance standards for vehicles. They don't only have to look shiny. They actually have to be safe to drive.

Damn regulations dictate valid and adequate insurance, which covers commercial driving activity and covers the drivers liability in case you are hurt, maimed, or killed.

Regulations enforce that you can't be price gouged, they enforce some sensible mandatory standards (drivers may be prohibited by law to refuse transportation because you're blind and need a guide dog) and provide you with a venue to complain when things go wrong.

But hey, just do away with all that in the name of commerce.