With the super high cost of these Medallions, it seems like services like Uber should be able to compete on price, yet some how they're always more expensive th

With the super high cost of these Medallions, it seems like services like Uber should be able to compete on price, yet some how they're always more expensive than cabs. Does anyone know why that's the case? Do Uber drivers consistently make more than cab drivers? Where does the money go?