This. The taxi companies are all focused on the fact Uber and Lyft are working without regulations as if that was the reason for their success. Yes, having lower prices most certainly makes them more attractive, but that's not all of it. Getting a taxi is a terrible experience. If you're lucky, you can hail one, but if you need to call one up... Enjoy waiting for any amount of time between 30 seconds and an hour, the taxi never reaching you, you having no idea where they are, the taxi arriving as a tiny Yaris when you specifically asked for a large car because you have luggage, etc.
One of the big deals about Uber for me is that their app and infrastructure makes the taxi companies look like pathetic dinosaurs. Calling a lift is easy, you can track their position in real time, if something goes wrong or if they're not responsive you can deal with that, you can pay through the app... It's just a much better user experience. Taxi companies probably never even heard of the term, and they're looking extremely stupid for it.