> delivery places don't just compete with other delivery places on price; they also have to compete with takeout prices.

Sure, but right now all of those takeout prices are from restaurants with retail locations. A ghost kitchen that offers delivery could be undercut by a ghost kitchen offering pickup, but in general they'll have a price advantage versus a retail restaurant with a more expensive location and more square footage.

The calculus is especially favorable toward ghost kitchens during pandemic-induced lockdowns, when people aren't otherwise out and about. If I'm driving home from work and can easily stop by a restaurant for takeout, that doesn't cost me much time. But if I'm at home 24/7, then I factor in the time spent going to get food. That makes ghost kitchens with delivery somewhat more attractive.