If you feel that you 'were taken' you should mention it before you pay the bill, and at the very least you should ask them to justify the price. Did they give you a quote?
Seeing what you had done, there's likely a couple hours work to do the job properly and if the work is quality, then it's probably worth the money if you can't do it yourself.
2 hours???
It's a P-bass!!!
1) loosen strings and lift bridge (since it will be replaced).
2) unscrew pickguard.
3) remove pickups
4) solder new ones in and place in the cavity.
5) reassemble pickguard.
That takes *me* 15min, and I am no pro!
6) put new bridge in. You have to make sure it goes centered at the right location to allow adjustment. It may require some small drilling if the existing holes do not align... but that doesn't take a lot of time... and chances are the replacement bridge was designed to use the existing holes, Badass and the like.
7) string up, and now adjust intonation and action.
Do you really think 2h is reasonable???
For a straight pickp swap?
If you say yes, I wish you lived nearer me, because I'd love to take care of your bass work. I can do the electronics part and basic setups, and anything more complex to my luthier... and we'd still be making a healthy overprofit

*UNLESS* he's getting a full set-up too. Adjusting action/bridge saddles does not qualify as a full set up... although perhaps it is the only thing required if the bass is already perfect.
So the question, to me, is whether $125 was for a full set up PLUS changing pickups and bridge.
Then it still sounds on the high side, but not crazy.
The bottom line is: it's well worth learning to solder and do your own setups. You get what you want, faster, and a lot cheaper.
