Buses are usually filthy, massively overcrowded during rush hour, often very late, and make frequent stops. In many cases, taking the bus is only slightly faster than walking. Compounding the problem is the lack of buses on many popular commute routes, such as the Lombard-downtown route that Leap follows.
They will either avoid these pitfalls or go out of business, because nobody will pay 3x more for a private bus service that is just as bad as the 1x public bus.