Yes, but P implies Q does not mean that Q implies P. IOW, a competitive market implies a lack of profits, but a lack of profits does not imply a competitive market.

Maybe, but the point here isn't that Uber underperforms, it's that their innovations didn't sufficiently expand the market. I'm arguing cab companies saw that coming, whereas Uber/SV didn't and spent billions of dollars finding out.

It's an indictment of the VC model where essentially you build a company that hogs all the value for investors. If you think this is a good model, i.e. that investors make better decisions than governments, labor, and the market, then I think you have to reckon with the utter wastefulness that is Uber. A better thing here would have been to just build a ride hailing app for existing cab companies.