Flying taxis are actually a lot less crazy of an idea, although it is still very difficult technology that will cost a lot of money. Kitty Hawk's Cora is going to act like a sky shuttle for tourist locations in New Zealand and plans to begin testing soon (it will probably be delayed, but the technological viability is there). There are obviously technological challenges to be solved in that space, but the biggest one is probably noise. Kitty Hawk also has the Heaviside which is very quiet (only unmanned tests so far, but it's legit). But this is a single-person short-range toy for rich people. There is also the Lilium "jet" which is an industry favorite, and the Opener Blackfly. Fun fact: Larry Page owns most of the companies I just listed and is kind of obsessed with flying cars.
People have run the numbers. You can build an eVTOL aircraft with enough range to work for something like Uber Elevate is designing. But they are ignoring noise, and I believe that is going to be the chasm they cannot cross because the public will not allow that much noise pollution (they are really fucking loud - if you live somewhere with helicopters imagine them lower, whinier, and all the time).
I think flying taxis are technologically sound but will never get approval from the public, which is actually why we don't have supersonic flight (yep - the main barrier is actually it's too fucking loud for people to allow it and many laws have been written making it illegal to fly over anything but the ocean, although there were other problems with the Concorde as well).
Uber Elevate is meant to be a carrot to convince investors they are onto something big to float the stock price. It's much more viable than self-driving cars within the next decade, but I would not count on anything happening in the US within the next 5 years apart from aircraft testing.
Blah blah blah, it's mostly smoke and mirrors.