It's definitely become a combination of the two. Originally the licensing did provide value to the consumer, because it meant a trusted authority was regulating

It's definitely become a combination of the two. Originally the licensing did provide value to the consumer, because it meant a trusted authority was regulating things -- something people would value quite a bit, when you have to trust the driver not to deliberately harm or extort you. Depending on your region, it's more and more about artificially restricting the supply, so the market rate's probably much lower. I think dollar vans still charge much less than the market rate for a trustworthy taxi. I'd consider a trustworthy cab and a dollar van to be two separate offerings.