Not quite sure how this is going to be successful. Uber and Lyft already hemorage cash on ride-share -- how is a co-op whose workers can (and most likely will) vote to increase wages able to not only compete but make money?

Does anyone know why they hemorrhage cash?

It takes very serious money to advertise for consumers to know this alternative is available. And with the much smaller number of drivers it probably won't be as good an experience as Lyft/Uber.