I'm not but I think £1.65 is too low for the bus fare. At £2 London routes would be more financially viable and so the cuts would not be necessary. I'd rather pay £2 and have a service than be unable to pay £1.65 by not having one.
If the London fare is increased from £1.65 to £2 I will even use buses less, to the extent of making huge detours on the railway network.
At the current level of £1.65 I'm not going to make a journey between my home and the closest Overground station even if using alternative transport (Thameslink) means a detour, but I may still use it for a shopping round-trip to e.g. Brent Cross if I can get it done within an hour.
Getting it to £2 will mean I will do less shopping trips instead.
I will hope for a distance-based fare, starting from £0.5 for the shortest distance (e.g. within 1-2 km), and the abolishment for transfer fares and caps (i.e. you will need to pay twice if you make a transfer, however, the total amount is the same compared to taking a through service).
For example, a return train ticket from Brondesbury to Sunnymeads is £5.9 with Railcard, while the one from Cricklewood is £6. Because the high bus fare I am not willing to pay for it to get from my home to Brondesbury (1.7 km down the A5), despite that taking Thameslink from Cricklewood is a huge detour via West Hampstead.
If the bus fare is as low as the level in Hong Kong, for example, £0.5 for a single journey, I'll be happy to pay for it for a more direct journey.