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How would that happen?

Indeed. Not sure about US, but there were already a bunch (4 or 5) of alternatives before Uber came and I do not see them going anywhere.

Right on. Whenever some other offering enters the market with just slightly lower prices, I'll switch in a jiffy.

Who can afford to pay for more than 60% of the ride's cost?

The idea is that the subsidies will be reduced eventually and prices go up. That opens the door for new competitiors to enter the market.