It would increase per-driver revenue, certainly, but probably decrease Uber revenue fairly significantly. Taxi services, whether in the old fashioned way our the glitzed-up smartphone way, are pretty commodity.
The success of budget competitors like Lyft and Sidecar is testament to this. The perpetual expansion of UberX too. It seems most people are more concerned about getting from A to B cheaply than any kind of premium lap-of-luxury service.
A ride-splitting service would be pretty great for consumers and maybe for drivers, but from Uber's side it would be a pretty substantial price cut.