It does, but the competitors are having a hard time because Uber can keep undercutting them and staying unprofitable longer than the competitors can stay solvent.

> And why shouldn’t we consider investors part of the market?

We can, but there are rules of "fair play" to the market that are supposed to be followed. What Uber is doing with SV money is, in saner sectors, called dumping, and generally considered illegal. Somehow it isn't, and even if it was, it probably wouldn't do much, as Uber's whole "rideshare" operation is illegal almost everywhere they run it.