So if I ever take the risk of getting an Airbnb instead of a hotel, then I know the next time I book I'll pay cash directly with the host because it will be that much cheaper.

It's like uber: the bait and switch to a service that becomes less good and more expensive is costing them because the competition survived the first wave.

Also, the regulations caught up with them.

Basically, they wanted to win by scummy means, like a lot of American startup that calls doing illegal or immoral stuff "growth hacks".

Still worked well, they are a leader, but not enough to kill the game, and now they have to fight.

Good.