But it's really not. At one time it was, but at least in my city, it's sanely priced. When I travel for work for example, an Uber takes my wife and child to school and back. The roundtrip time is about 15 minutes, and the cost is usually 12 to 14 dollars. That's at minimum 48 dollars per hour, which is the upper end of middle class here.
My most recent trip to SF, my ride from Berkley to Downtown each day was about 30 dollars for about a 30 minute trip. 60/hour doesn't sound absurd for that region.
A few issues with your calculation: 1. Drivers are not productive 100% of the time, 50% utilization is more common, so knock that hourly rate in half. 2. That’s revenue, not profit: you have to pay for gas, maintenance, depreciation, and probably higher insurance premiums for driving commercial and/or high mileage. The IRS deduction for business mileage for 2019 is 58 cents per mile, this is meant to be a median all-in cost, so subtract that from your fare, and subtract half again for the miles spent driving between fares or getting home after the last ride of the day.
My most recent trip to SF, my ride from Berkley to Downtown each day was about 30 dollars for about a 30 minute trip. 60/hour doesn't sound absurd for that region.