There are certain key differences, but basically the supply of drivers / vehicles, and the pricepoints are regulated by the company rather than by municipal legislative.

Which has upsides and downsides wrt quality, availability, wait time, and pricing, including potential to apply "surge pricing".

For example, municipal yellow cab taxis are known for both being legally obliged to pick up passengers in all relevant areas, and at the same time unwilling to do so in certain areas, due to unprofitability, or perceived risks.