Thoughts
It's important to recognize that, as is almost always the case, AirBnB didn't undercut the price of hotels, they provide a better experience
Or they don't provide a better experience, in which case they die. Similarly for Uber—yes they undercut the Taxi industry's union and regulation, but they also made it possible to order a ride from an app on your phone. And I feel like when they first launched Uber had nicer cars than taxis, but that could be just my experience.