Not in the slightest. One of the biggest problems with normal taxis in Shanghai is that they won't stop if it's raining. And it rains all the time. I don't suddenly need a taxi less if it starts to rain; if anything, I need one more.
I remember calling cabs multiple times in Southern California suburbs and waiting for hours only for them never to show up.
Taxis essentially didn’t exist outside of downtown/airports. Ridesharing apps were a revolution, not that I’m defending their practices here.
The only really interesting value add to Uber was app-centric interactions (as opposed to a phone call), giving the ability to pay by card (instead of cash), and to track the taxi in the app.
Many local taxi firms are using apps too, so those advantages are gone. If this plays out the same in all geographies then Uber has already lost the taxi game.
Now, lots of randoms dip into the high season using these apps. No longer profitable for the taxi to operate year around. So for the locals there is no longer a reliable taxi service most of the year...