There are so many Uber drivers because no one gives a crap about depreciating a 2004 Camry and there are lots of people who would like to earn some money sometime but are unwilling to, or unable to, apply for and get the equivalent crappy job.
You all want fares to increase. I guess I do too, naively, but here's the thing. If the market is saturated with drivers taking base pings, then you're actually getting less than base, as an hourly wage, as more drivers enter the market and increase the wait time between rides.
So it's what the market will bear. If they raised fares, even more ants would be on the road, all jostling for 40+ minutes to get that base ride. As an hourly proposition, Ubering wouldn't be any more profitable.
The real reason why there are so many ants on the road is because many people don't like their 9-5 job and really enjoy the flexibility of driving UBER.
Most people don't know how to make this profitable full time so they only do it part time. But believe me, if you could make weekend money on Mon thru Thurs there would be a lot more ants out there.