There is not enough time nor words to explain the areas where our economy has changed over the past 50 years; and the impact of all those changes.
However, I believe that it is a correct assessment that people will not pay 3 times the amount for the same service so a bicycle mechanic can earn $50/hr and sustain a lifestyle in expensive areas.
If you really think about it, someone will pay an HVAC tech whatever they need to pay to get their A/C working and maintain their comfort level during the Summer heat wave.
At the same time, that person will ride their bike at speeds that will result in death, but complain about not being able to find a good bike mechanic to overhaul their disc brakes.
John