It's probably right, but it's not going to be a panacea: Outside of very few areas in US cities, a key limitation to bus ridership is few trips generated by the catchment areas: How many people would conceivably be served by each stop?

If you look at a high resolution density map of the world, you'll find great public transport in places that have at least 70K people in the square km around stops. At that density, you can often support subways profitably too. Then a mesh of subways and buses will get you to places quite efficiently. But then you look in the US, and the vast majority of our large metros have very few areas reaching those densities (Manhattan excluded). So you end up in situations where a bus or a light rail can neither be efficient nor cheap, no matter what you do with the bus stops. There's just not enough things near each stop, and even when they are close, it might not be even all that safe to cross the streets to reach your destination.

So while this might be a good optimization for places where we are close to good systems, I suspect that ultimately most cities need far more expensive changes to even consider having good transit