There's your problem. You confuse regulatory capture with "regulations."

The capture is the limited entry market, the limited number of cab licenses available which makes them artificially valuable. 

Even if the regulations could be justified as-is, and I've pretty well shown they are more than are what are minimally necessary to achieve the stated goals, they don't justify that limited entry. Anyone who can meet the minimum requirements should be able to provide passenger service. But they can't, because of the current license holders throwing their cash around with the Assembly.

The only reason the entry is restricted is to prop up prices and enrich the "haves" who want to protect their slice of the pie.  The "public safety" BS is is a smokescreen, to protect that racket. Note the argument always boils down to "we bought these buggy whips expecting to have a monopoly forever." Proven because any proposal of, "okay, keep the "safety" regs, but allow open entry" is -also- opposed.