The "status" element never even occurred to me and recall that Uber also has Uber X which doesn't confer the status of the "black car" and is basically about the same as Lyft. I think in most urban environments, parking is a royal pain, cars get broken into regularly and it's just not worth the hassle for a small premium payment.

To me cabs are very limited in where they will pick up and the hours they operate. They often don't come or only pick up at designated areas. With Uber/Lyft they come to you. I've had cabs ignore me or just not show up at the appointed time.

With Uber or other ride sharing you pay through the app so you don't take a $70 cab ride after which the driver says they only take cash. You see exactly where there are cars in your vicinity. The drivers get feedback which determines if they will get future rides so they are often much more polite and friendly (though I haven't had TERRIBLE experiences in cabs I haven't had as pleasant ones as I have in Lyft or Uber).

I have also often seen cabs take the long way to boost their fees. Lyft is usually quite a bit cheaper than cabs but not sure about Uber X/Uber.

Some cab companies are starting to come up with their own apps in some areas to compete with the ride sharing companies.