Shop labor rates are generally driven by "the book", or flat rate, and labor figures typically aren't how long the job takes, rather what the job pays. Good technicians working on flat rate will tell you that if they can't do the job in half of the flat rate book time, they're not making money. So, in the end, it would seem that you would have earned your money as a tech doing that job. You beat the book time. Flat rate is very common in mechanical and collision repair. It's really common for a good body man to turn 120+ hours of labor in the course of a regular 40-45 hour work week. The thing you've got to remember, is the mark up on the parts that you pay to the shop really only covers the shop's expenses in identifying and ordering the parts for you. The labor you pay is what covers the technician's salary, but it also is what pays to keep the lights on in the shop, and cover their overhead.
I just jumped into my collision estimating guide and wrote a quick dummy estimate based on my truck, a 2002 TB, to replace the right and left upper and lower ball joints and the inner tie rod ends. The quick estimate I wrote came to $805 US, and it pays 6.6 hours to do the job. Now, this estimate was completed at the Body Shop Mechanical Rate of $70/hr, and the parts (aftermarket priced from Napa) account for $311 of the total estimate.
The thing about flat rate, or "book time", is that it's actually very easy to for someone to overcharge for labor by not accounting for operations that overlap. Using the inner tie rods as an example, in my system, it pays .4 hours to replace each inner tie rod end. However, there is a note that if replacing both inner tie rods at the same time, it pays .6 for both, rather than .8. The lower ball joint pays 1.6 hours per side, unless the steering knuckle is removed from the vehicle, then it only pays .8 per side. So, you can see that it'd be really easy for an unscrupulous shop or service writer can easily take advantage of a consumer, and they can do it in a way that 99% of the people who don't do the work themselves will never know.