@AC Re: Welcome to the sharing economy
Sorry, its not a question of a 'sharing economy'.
The disruption is that you're allowing individuals to skirt the rules many areas have concerning livery service. It allowed non-regulated drivers to operate a 'gypsy cab service' where Uber provided the app and infrastructure for a large percentage (20%) of the cost of the service to manage the credit card processing, payments and logistics of the ride.
At scale, that's a huge margin once the infrastructure is paid off. Of course Uber is still not profitable (at least that's the word on the street because of the costs of developers, branding and of course the lawyers and PR people. )
What Uber has done is essentially allows anyone with a car to become a part time hack using their own vehicle.
The reason you see drivers leaving is that it takes them a year to realize that they are losing money while working for Uber and could make more if they take a minimum wage job in a large metro area. The only reason you do Uber is that there aren't enough 'flexible' hour jobs to go around.
As someone who's in the 5% but not the 1%, I can tell you that I rarely use uber. My main gripe with cabs in Chicago is that many are the economy Prius types where you can't sit upright in the back seat, or the cab is on its last legs falling apart. So I end up taking Uber Black which is on par with limo services because the limo drivers are driving for Uber when off shift. If I'm out and about, I'll hail a cab.