It's pretty broken on the other side of things too, presumably because the work sucks so much and is so variable that they are incentivized to milk every penny from those who appear like they can afford it.
As a busy professional homeowner that is well-paid, I would gladly pay 50% more than the current going rate in town to know that a decent, workmanlike job would be done.
The quality of the work is completely decoupled from the rates charged though, which kind of makes sense, as there are plenty of people in town who need HVAC/plumbing/electrical &c. work done who can't afford to pay over the going rate.
It took me a decade to find a plumber that is honest (luckily they do decent work as well, but honest was hard enough of a bar to reach).