Is the WeWork moat as big as AWS, probably not, but dealing with local real estate regulations and contractors in hundreds of jurisdictions around the world is not nothing.
If this switched to global, as I'm sure it is for enterprise accounts, I could see it being very valuable. If the variable cost of adding a desk in an office anywhere in the globe is, say, $500/seat that is so much easier than having to deal with setting up offices wherever you find talent.
That all being said, I have serious problems with the design of WeWork offices. Their horrible sound design means you· better hope you don't have an office neighbor that is making calls all day. The office I worked at had a private equity firm that rented out a corner of the building for a few of its remote employees. They then also rented the neighboring offices for those employees, which remained empty, so they could have privacy.