Suggest you copy the full string from the picklist to the rendering rule. The dashes may look alike but be from different character sets.

With the new version the rendering rule is also a pic list

So the rendering rule shows Ride - Uber as a choice? Without an official response, I’m wondering a couple of things: Is the field included in your model? In prior versions, I think you could create a rule on a field even if it was not in the model; I could be wrong. If it is in the model, can you override the field metadata and re-enter the picklist values?

It might also be helpful for the engineers to know if the field is a standalone or a global picklist.
 

The field is included in the model.  It is a global value set.  

This is still an issue.  It also does not work as “mobile/fax” as a picklist value.