Yeah, but that mousetrap keeps working for SV startups, what makes you think it won't work for Chinese ones?
Uber spent a decade undermining taxis, and once it had market share, it stopped giving away rides and raised prices. It now costs more than a regular taxi, with the quality of the ride being... At best proportionate to the premium in price.
Uber costs more than regular taxi? In what country/region? Not where I am.