Why? It appears to have no value to anyone but the immediate consumer. That's not a business, it's a charity. What a collossal waste of cash.

Drivers getting paid above the market and riders getting rides below the market would disagree. If anything, it's a bizarre kind of socialism: rich venture capitalists voluntarily redistributing their wealth to the public.

I would rephrase that: rich venture capitalists voluntarily redistributing their limited partners wealth to the general public.

It only has short-term consumer benefit. Once there's a lack of competition they're free to benefit themselves.