There should be appropriate laws.
Commercial drivers license: If you have a full drivers license and a GPS, what more actually functional skill do you need? What is the point of an additional drivers license?
Appropriate inspected vehicle: This is NSW so that is done every year. Frankly, the most poorly maintained vehicles seem to be Taxi's from my experience, so I don't think a special law is required here.
Insurance: Well that's a given, and from what I understand Uber provide their own insurance, so nothing more to do here
Now I do think that there should be additional regulation. Drivers should be required to pass a police check, not be a registered sex offender, and have a certain standard for their driving record. This would be fair and reasonable. Everything else is government wielding power for the sake of it or trying to protect entrenched interests ($500 000 license? All this extra red tape? For what? Taxis that cannot be found at 2 in the morning?). I fully support disruptive change to this industry, and I believe that it is completely moral for Uber to ignore an outdated legal framework to achieve this.