Taxi fares are set by the City of Victoria. I don't know why people keep blaming the taxi drivers or cab companies for ripping them off. It remains to be seen whether Victoria and Vancouver require that Uber sets the same fares.
The taxi companies could certainly lobby the Passenger Transportation board for lower fares. They certainly have ample input. I'm sure they are quite happy with higher fares. It's not like their input is going to be lower fares please!