You want to regulate pricing, so that you have a corrupt cartel which keeps competition limited and prices high?
Because that's what we had before Uber came around.
We don't need regulated pricing, we need competition. And that's what we have with Uber and Lyft (who compete against each other). What we need is a few more services like those, and then several apps which do for them what PadMapper does for the rental market, and aggregates them and lets you quickly find out which service will give you the best combination of fare price and convenience (e.g., a cheaper fare probably isn't worth it if you have to wait an hour to get picked up).
All this whining about surge pricing is silly. The pricing is not a surprise: Uber's app tells you before you ride how much it's going to cost. If the price is too high, don't buy it. Most of the time, Uber rides are far cheaper than regular cabs, and you get to ride in a much nicer vehicle. Without surge pricing, drivers wouldn't bother driving during certain times.
It is equally about keeping demand in check as it is encouraging more supply. Without surge pricing there simply wouldn't be uber rides to be had for 90% of the interested buyers. What would a rider rather have, a low price for a ride they almost certainly won't get because there is a 4 hour wait, or a high price for a ride they can get immediately.