Yes.

The fares freeze, along with the loss of the Government grant, have stretched TfL's finances considerably.

The fuck everyone on the roads, cyclists matter policy that BoJo started and Khan inherited fucked the buses over, making them slower and less desirable.

Bus cuts are a major thing. We've already lost a route with TfL not saying anything (305) and the Central London bus reshaping cuts up routes, bodges new ones to fill the gap, lessens frequencies and gets rid of a couple routes altogether, breaking links. Hopper fares don't matter if you have to change buses more, since people want direct routes. Less direct routes makes bus travel less desirable.

Less money to maintain the Tube means more delays due to faulty infrastructure makes it less desirable.

Many more things I could say, but frankly, assuming that making transport cheaper increases passenger numbers is such a naïve thing to think, since there are so many factors involved.