Well, DEFINITELY! This topic has been quite well-discussed. I would like to take a different perspective.
I think technology has a big part to play in this. How come? See, film SLR cameras these days are packed with so many features. An entry level one has many features found in pro cameras. Think back to the mid-80s. Would there be so many freelance photograhers? I seriously doubt so. Cos cameras then were more difficult to operate. You might not have your AF (think Minolta was the first to formally introduce it back in 1985), you need to calculate the flash output manually, etc. And cameras aren't cheap then.
As a Canon user, I'd like to give an eg. When the EOS650 and 620 first hit the market back in 1987, those were my dream camera bodies. They were darrrrn costly! Body alone would set you back some $2000, if not more. Today, these cameras are gathering dust. Used ones would probably be worth less than $400, if anyone is ever interested. With an EOS30/33 today, you get many more features. Bodies are so cheap even a student can own it and shoot on the spot without learning much about photography. With 7 point AF, 35 exposure areas, ultrafast USM lenses, E-TTL and what have you!!! Man, it's a matter of the camera asking the photographer: "Are you ready to press the shutter button? I'm ready whenever you are!!"
I mean think about it... Just 3 years ago, owning a DSLR is a dream... At close to $5000 for a body, only the serious pros can own them. Now? Prices are dropping like crazy and more amateurs or complete beginners are rushing out to get mid-level DSLRs. Even the no-frills auntie next door might own a fairly sophisticated $600 compact digital camera.
Another reason is that we now live in a century of "quick-fixes"... countless fast food joints, SMS, Internet explosion...Wedding photography is no different. You have the camera and a bit of experience, BOOM! Time to make some money by being a free-lance. It's so easy. And moreover, I personally find in Singapore, people don't appreciate photography as much as in the West. They'd rather spend a bigger sum on an extravagant 40-table wedding dinner than employ an experienced photographer.
My take on the topic? It's unjustified to spoil the market by charging so low even for a freelance job. But no matter what we say, I think the harm is already done and... simply put, I think it's sad. It's as difficult as asking people not to rush onto MRT trains. Cheap photographers will continue to increase and it's become our culture here. Reputation of photographers here has gone down somewhat too (I know some consider them as "camera-man" and address them as "Where's the guy with the cam?), unless you're one of those well-known names.