1) Worse to use (standing in the rain with you arm out in the hopes someone will stop, let alone trying to get one on a side street)
2) Based around getting lost (taxi drivers are too arrogant to use technology so will drive into roadworks and traffic jams when modern cars use things like waze or whatever to avoid them)
3) More expensive
4) Less safe (who's driving? Who knows! Lets hope it's not John Worboys)