After all, these technology platforms are making supply and demand more transparent, and theoretically, market pay rate should adjust quickly to reflect those changes.
What do you mean? I don’t see any transparency from these platforms on either end. Workers often don’t know how much the customer paid and the customer doesn’t know what the worker received (or even if their tip “made it” to the worker). These gig economy markets are entirely artificial and centrally planned by the corporation in charge.
The concept of "the market" is so all encompassing as to be meaningless. It's just system justification at this point. We could just as easily call it economic duress. Very often people accept what they do because they lack the power to do otherwise.