It is a huge loss if you look at it from a societal welfare point of view.
Certainly from a car-hailing-rider perspective the Uber wait is worse but social welfare is much more complex.
I find the measure exactly the wrong type of regulation, the one that hurts a large segment of society to protect a small group (which had already benefited from a decades-long state imposed monopoly and became stagnant and comformist as a result).
As a small disclaimer, I do admit I have a bias against cab-drivers in general, but I do not think it clouds my judgement in this case.
The regulatory structures need to catch up but I don’t think Uber as it exists in 2019 is a viable long term solution.
On the contrary, the measure instantly caused the loss of thousands of jobs.