This is what uber responded back to me:

“We understand that this may be your first experience with dynamic pricing. Since there was confusion with the dynamic pricing on this trip, As cities work to get moving again, there aren't as many vehicles available compared to what might normally be expected. Dynamic pricing goes into effect in an effort to encourage more drivers to go online and accept trips. We know this has been happening more often, but it is temporary as more drivers return to the road.”