The air industry seems like a good example of just the right level of regulation: There's tons of competition, different pricing tiers with their corresponding levels of quality, and a lot of dynamism combined with a good set of consumer base regulations (24 hour cancellation period, for example).
In my experience, it has been rapidly going up in price and down in quality since the end of the pandemic. You have very few protections as a passenger, and while you may have some rights on paper, they have been made excruciatingly difficult to pursue with the way support lines work with airlines.
To add insult to the injury, look up the history of bailouts airlines have received.
Are you in the US? In the EU there are many websites that help you get a cancellation/delay refund, they require little more than your boarding pass, and they work very well for a small (sometimes none) fee. The fee is taken from your refund so if you don't get one, you don't have to pay anything.