Once uber are the only players in town for a cab, and the fares go north, the service drops even further, regulation ignored even more so, those same selfish millenials will be the first to moan (aren't they always...).
For reference, here is a breakdown of Uber's customer base in the US: http://www.globalwebindex.net/blog/the-demographics-of-ubers...
I'm having a hard time justifying the effort spent to respond to this comment, it seems very low quality...
The big thing you're missing with your idea about running the cabs out of business is that Uber is not a monopoly; they have a direct competitor in Lyft. Before those two came along, cabs were not cheap at all, and they had terrible quality (crappy, dirty vehicles; rude drivers; taking 60 minutes to show up when you call). Just ask anyone in SanFran about how cabs were before Uber showed up.
As long as there's competition, prices will naturally stay low.
As for "regulation", are you kidding? How did the "regulation" help anything? All it did was artificially restrict competition, while not providing any value for the customer. Cabs are nasty, drivers are rude, they drive in circles to increase the fares, etc. Regulation never helped with any of that. Uber's reputation system did.
Honestly, you sound like a disgruntled taxi driver, mad that you can't get paid to abuse customers any more. Too bad, so sad.
Not every millennial is running around massively in student debt, documenting their $30 brunch on Insta/Snap while complaining about boomers and the global economy.