It’s called enshitification. Good ideas like this and Uber and Lyft get taken over by profit “maximizing” middle managers and bean counters. Then the prices rise and the operation prices itself out of the market. Only the MBAs win as they move on to destroy the next business.
They buy bunches of bikes, hire maintenance people and sell the service at a loss for the first year or so. Then they raise the prices to be in a more profitable position. They still have to pay for buying the bikes and the maintenance and they have to recoup the costs of the period of time when they priced at a loss. Meanwhile, people pick up the bikes and drop them off where they don’t get ridden back to where someone will want to rent it, or someone forgets to lock it when they go into a store or restaurant and they come back to no bike, or people will create accounts using bogus credit cards or stolen credit cards. I have seen homeless people riding the bikes around pulling baby carriages trailers and great big trash bags full of plastic bottles and aluminum cans. I have seen some of the bikes with the batteries taken out. I watched a homeless guy drag one out into the middle of an intersection and leave it there. It’s not a good business model and the sooner they fail, the better.