A ride sharing app is a dual marketplace. If you're cutting the price for riders past a point, you're cutting the pay for drivers.

That's assuming the incumbents are giving the premium for those customers to the drivers.

But even if they were, the drivers are in a competitive labor market. If you get the customers with lower prices then you can also get the drivers because they'd rather be working for your rate than not at all.

But you will never get customers without drivers and you will never get drivers without customers.

Plenty of Uber/Lyft competitors have tried and failed. Heck, a few different companies tried here in Austin once we grew a spine and banned Uber/Lyft, only to die as soon as they came back to town.