In a nutshell: More surges and less availability.
Many drivers have had to stop driving and seek other employment, cut down to part time work, or now choose only to work on busy nights when there is Surge Pricing. This means that there are fewer drivers on the road, which, due to rider demand, creates bigger and more consistent Surge Pricing for riders during busy periods. During these times, riders tend to pay even more than they did before the price drop.
Another consequence of the price cuts is that drivers are forced to be more picky about accepting pick up requests from long distances away. Many drivers will no longer accept pick up requests from locations more than 10 minutes away. It’s just not economically viable to travel that far for a possible small fare.