However, that doesn't cover maintenance or getting a new one when the old is stolen. And it would not be a good bike to start with either, so most people would not want to use it, making it somewhat of an useless investment for society.

As a tourist in Berlin, the Mobike system was great. For just 8 EUR a month I could just grab a working bike, go where I want and just leave it outside. Then I could use the tram to go somewhere else, and use a new bike from the new place.

This without worrying about it getting stolen and being certain I'd find a working bike nearby when I need it. Making it very competetive with regular rental bikes.

I imagine that the low effort required makes it a good option to a free bike for many.

Maybe a subsidised rental bike system would make sense, to cover maintenance and administration but keeping the prices affordable? (I suspect the mobike pricing was some kind of campaign as it was quite low)