There is very simple explanation though: Investors and VC funds burned literally billions of dollars (apparently over $30b according to [0]) to fuck up a functioning market.
The result is that existing players were forced out of business by a company that isn't even competing. It's a complete failure of the underlying principles of the free market.
When the investors have made out like bandits and the tap runs dry, consumers find themselves with poorer service. At that point the damage has been done and we have to hope that the business can actually be profitable while providing a similar quality of service to that which was available before.
On an unrelated note. The majority of Uber's early executive team belongs in jail. Their blatant disregard for the law should have repercussions. I find it repulsive that their actions are ignored while others are imprisoned for far far less.
The result is that existing players were forced out of business by a company that isn't even competing. It's a complete failure of the underlying principles of the free market.
When the investors have made out like bandits and the tap runs dry, consumers find themselves with poorer service. At that point the damage has been done and we have to hope that the business can actually be profitable while providing a similar quality of service to that which was available before.
On an unrelated note. The majority of Uber's early executive team belongs in jail. Their blatant disregard for the law should have repercussions. I find it repulsive that their actions are ignored while others are imprisoned for far far less.
[0] https://uberlosses.com/