Sorry, but that's pretty pedestrian way of thinking. All of these categories (esp. cyclists) will benefit from reduced traffic and less air and noise pollution. As long as you're ok with government taxing you, making public transport free seems to me one of the best uses for these funds.
Also, there must be plenty of less obvious effects. E.g. Uber Eats or other kinds of delivery services can get cheaper, if couriers can travel across the city all day for free.
There will be more traffic and more air pollution. People will take the bus more often instead of walking or cycling. The bus companies in most Western European countries use diesel engines.
And Uber Eats wont use public transport, it is very slow compared to an e-bike or scooter.
Also, there must be plenty of less obvious effects. E.g. Uber Eats or other kinds of delivery services can get cheaper, if couriers can travel across the city all day for free.