not inefficient
I don't know much about the LA-SF HSR, but in France, railroad companies are making lots of profits. In Europe again, a 600mi trip by train is ~50euros. The same trip by plane is 3 to 4 times more expensive. And for reasonably short distances (600miles), I'd rather take a fast train at 250mph (2h30 - 3h trip), with Wifi connection, more leg room etc, than go to the airport, and the hassle of check-in procedures, security check-points, tiny seat, no signal, etc... The flight itself is faster, but door-to-door, it's pretty much the same (not for longer distances like NY-LA, I agree). But again, the railroad network is much denser in Europe.
Not to mention that trains use a lot less energy than planes (specially electric trains)