The only point that sounds even remotely correct here is "companies can afford cheaper financing to buy cars than individuals" - although Uber could easily take care of that by buying vehicles and leasing them to drivers.
Otherwise, yeah, Uber did fundamentally improve both productivity and service quality vs. traditional cab companies. Mobile apps are an obvious service quality improvement (predictable waiting times, ease of finding cabs in remote locations, ease of payment), and allow Uber to provide the same level of service (i.e. availability / waiting times) as traditional cab companies, but with less drivers (since a user doesn't need to actually see a cab in order to hail it).
All other issues apply equally to cab companies - e.g. empty backhaul costs, cost of peak capacity, bimodal income distribution of users - except that Uber does, or at least could, solve them better with technological means - e.g. Uber Pool and Uber Eats for backhaul costs, automated and/or predictable surcharge for peak capacity issues, Uber Black to target richer users.
Overcapacity risk: in some locations, cabs were practically unlimited (e.g. Slovenia) so this existed before, in other locations limits were either because of monopoly (e.g. NYC) or skills (e.g. London), both of which Uber improves - breaking monopoly lowers prices for users (without decreasing driver wages, simply by destroying the profits of rent-seeking medalion owners), and there's no need to know every street of London in the era of Google Maps (and I definitely don't want to pay for it).
So, let's not kid ourselves - Uber is strictly better than what was before, and given its global availability, it also has a moat (when you land in city X, are you gonna load and set up local taxi cab that you don't know or trust, or just use Uber?), though there are still some regulatory / monopoly issues (e.g. in London Uber can't use bus lanes, whereas black cabs can). But I want to take Uber whenever I can and I want London cabs to die in fire.
(Having said that, I'm short on Uber as I think it's overvalued - but that doesn't mean without value. Also, I'm not against regulation - cities could improve relevant regulation e.g. preventing Uber from lying about surcharges, driver availability / location and preventing drivers from cancelling rides, but most cities choose to instead serve entrenched interests by (attempting to, yet fortunately often failing) enforcing monopolies.)
TL;DR: quoted part of article is mostly wrong.