I think this is what was (pre-pandemic) happening in London. Bolt came in, cheaper than Uber and paying the drivers (slightly) more. Uber burned a lot of cash

I think this is what was (pre-pandemic) happening in London. Bolt came in, cheaper than Uber and paying the drivers (slightly) more. Uber burned a lot of cash creating the market, and to some degree on all the self-driving cab nonsense.