The problem with Uber (and Lyft) is that their losses are also scaling with “growth”.

As an alternative take amazon: they made a loss for years and years, but the size of their losses were reducing every year as they grew. The demonstrates a path to profit.

Of course for all these companies who have lost value post-IPO have already got the cash they were after. Post-IPO changes to value don’t change that and only impacts people who purchased at the inflated price.