However, they will earn monopoly rents in those local markets. These rents will be used by Uber to cross-subsidise their 'tougher' markets that they've bypassed for the moment (either due to incumbents with bigger bankrolls or more insistent regulators).
Put less delicately, they'll use monopoly profits in other local markets to prop up their predatory prices until their local competitors go bankrupt. At this point they'll start charging the monopolist profit-maximising price.
Put less delicately, they'll use monopoly profits in other local markets to prop up their predatory prices until their local competitors go bankrupt. At this point they'll start charging the monopolist profit-maximising price.