Waymo vs. Uber

With Waymo pushing rapidly into self driving ride sharing, what's Ubers future look like? Uber's network of riders and drivers might not be a strong moat against Waymo as riders can and will easily switch to lower cost service that Waymo is going to offer. So it seems crazy that investors are still pouring billions of funds into Uber. Do they bank on Uber going to beat Waymo in self driving game? What am I missing here?