As a frequent traveler, this is bad news.
In the past, I've always used taxis. They can be hard to get, often late, don't keep up with the technology, often require cash (despite some laws that require them to take credit cards). Obviously, some places are better than others due to any number of factors but I don't always get to choose where I go.
Using an app to get a ride (I use Lyft when I can) is so much easier. You know the cost up front, when the driver will be there, and can even see where they are on the map. The desire to get high marks from passengers results in nice clean cars, cellphone chargers, and politeness (OK, not all the time, but I have a really easy way to report back to the company if they are bad).
And then the price is better. Sure, the difference is not going to make or break a customer or company but these things add up in a budget.
While I see the point of taxis being regulated in the same way as other drivers, the reality will be that a bunch of slowly changing regulations that will cripple being able to have a quick, inexpensive, and pleasant ride just to support an old horse drawn buggy system.