It's similar here in Sydney, where Mobike is the last company standing on the wreckage of ofo, Obike and ReddiGo. The local lunacy is not $50 fees per bike, but a requirement for cyclists to wear helmets or get slapped with $300+ fines, which is just not compatible with dockless share bikes.
Some personal bloggage on the topic:
https://gyrovague.com/2018/05/19/mofobikalypse-mobike-is-syd...
https://gyrovague.com/2018/02/19/mofobike-a-personal-compari...