The Annual number of riders is: 54,987,132 [0]
The average trip is: 3.1 miles [1]
The budget is: $398.4 Million [2]
This means the cost per passenger mile on AC Transit is: $2.33 (398,400,000/(54,987,132*3.1))According to [3] the cost of an Uber trip in San Francisco approximately: "$2.20 plus $0.26 per minute plus $1.30 per mile" (I don't use Uber so don't know how accurate this is.
If these numbers are accurate and generalize to other US transportation networks, public bus systems in the US are massively inefficient and are ripe for disruption/better solutions (note that Taxi's which aren't massively VC subsidized, are also ball-park cost competitive with the price of AC Transit on a per mile basis);
(Of course an Uber/Taxi has huge advantages for the user over buses in general, not the least of which include for most points of origin/destination pairs the large time savings compared to a bus.)
[0] http://www.actransit.org/about-us/facts-and-figures/ridershi... [1] http://www.actransit.org/wp-content/uploads/designing_with_t... [2] http://www.actransit.org/about-us/facts-and-figures/budget/ [3] https://www.quora.com/How-much-does-Uber-charge-passengers-f...
(sorry that these numbers may come from different years, don't have a unified source)
Edit: Also when calculating the cost effectiveness of the Uber/Taxi you should divide by the average number of riders. It's probably close to 1, but even something like 1.1 on average would result in a 9% savings on a per passenger mile.