> I think you can kind of have both. For example in Budapest Uber is banned and I miss it, but Bolt provides the exact same user experience for ordering a regulated city taxi (with fixed pricing as well). I can get one quickly any time of day.

The American taxi companies screwed up, tl;dr by maintaining a low supply of taxi medallions cities and cab companies maintained wealth for people who had already acquired one. This meant taxi companies could never fulfill demand during peak hours.

Also city councils had to bow to pressure to not have streets clogged 24/7 with taxis.

> In American cities I often found I had to wait 20 minutes to get an Uber or Lyft, if one even came. Is that because the economics of it fundamentally don't work and no one wants to drive for them any more?

Depends on the time of day, the city, and where you are at. I've not had a problem getting an Uber in Seattle, but the prices in Seattle are extravagant.

And now we just have cities clogged up with Ubers.