> However, none of the Uber style businesses have an actual moat, so they can never implement part 2. This whole set of investments is one big subsidy to consumers.

The big bet on Uber was against the ability of the governments to fight back against predatory bullshit - and for a while, it did seem like the big coffers of Uber cash would win over the established system of taxi regulations and employment laws. And at that point, they'd have the moat to crush the competition.