There's a lot of $70-120,000 cars on the road. Lots of Lexus, BMW, Mercedes, Tesla, Porsche SUVs. Then there's the giant American-style SUVs which are $80k+. Once you factor in depreciation of those over something reasonable like 8 years, you get what Uber are describing pretty quickly.

(I drive a 2009 Hyundai while I wait for a reasonably-priced EV to become available.)