Uber’s model is basically the same as the cab/taxi model, but likely much more efficient due to software. That business model (hiring private drivers for point to point public transit) has been profitably working for over a century now.

Also keep in mind Taxis, unlike buses and trains, are usually not even subsidized, which lends even more credence to the business model.

"basically the same" yet uber did have a transformative effect, in some countries taxi systems were very hostile and disorganized, and uber has raised the standard significantly... they've created a certain expectation

My point is that if Taxi’s were profitable essentially being a worse Uber, then it makes the argument that Uber is in a bubble industry seem ludicrous, which it is.

ah ok, thanks for clarifying... I guess the bubble might be the pricing model? it has been artificially too cheap to support the labor for a while. Early on I was commuting to work for only a couple dollars more than public transportation.