It's not viable, at all.
First the author talks about App Installs. He says $3-10 per install. That's a crazy number. CPI or Cost Per Install is around $1-2 per install, and apparently non-game apps are the better paying. The major concern I have with each of his points is he treats these like premium customers you're advertising to. They are not. When you offer financial incentives to people in order to do something free, they are unlikely to convert to paying customers. So if everyone you jumps into an UberFREE cab is offered $1 off to download this app, you'll have plenty who download it, then delete it, or never touch it again.
So with CPI, you'd likely get $1-2, and be able to pass a savings of $0.50-1 to your customer.
With video ads, he gives us SnapChats awesome $100 CPM figure. That's great. Works out to $0.10 per customer. You'd likely pass on $0.05 to the customer. Wow.
As for lead generation, that's such a variable market I don't understand well. There could be massive money there, but only for the right leads. Nobody is going to throw $30-50 at every customer that hops in a cab. It's just not going to ever happen. You'll have to have a lot of metrics on your passengers to get the right leads, or else they are pretty worthless. Yeah, $200 for a credit card might be nice, but they'll want to know a lot more about the person other than "they take free cab rides". Anybody paying $10 for just an email address, and even just a few basic metrics (name, sex, location) is an idiot.
As for local ads, that's great and all, but you're still only talking about $0.10 or less per customer.
So you'd be able to offer passengers $1.20, and then if they want their private information sold off to the highest bidder, then maybe a couple more dollars. Wow.
Now, if you had passengers fill out a survey or profile, with a lot of their information, or even hooked it up to their facebook account, you'd be able to target certain demographics and maybe get a few more dollars here or there. But the big problem with this is the same problem a lot of people have with doing online surveys for money; you have to fit a certain demographic to actually be targeted with any decent returns.