Misleading in what way? It's gross revenue, not profit.
Gross profit = gross revenue less expenses (salaries, etc.)
Lyft and Uber are not being paid by the passenger; they are being paid by the driver out of the fare paid to the driver for the service of booking the fare for the driver. Consequently, their gross revenue should only include their % of the fare, not the entire fare.
Importantly, this is one of the reasons that both companies are having trouble with the classification of their drivers. Booking the entire fare as gross income strongly refutes their claims that drivers are independent contractors and not employees.
This is more a question of semantics than anything else.
Look at Square's S-1 for example, you won't find the phrase "gross revenue" once in the entire document - revenue = net, and they use "Gross Payment Volume" instead.