I wonder really how useful the 705 was to anyone transferring between
stations. It is unlikely that a passenger would use a bus to transfer
between Waterloo, Victoria and London Bridge as in most cases a direct
interchange between trains is possible at Clapham Junction, Waterloo
East, Victoria etc. I suspect that Fenchurch Street isn't really a
major player when it comes to cross-London transfers. Other direct (and
more frequent) buses are available from Liverpool Street to all
stations (except Fenchurch Street) formerly served by the 705.
Paddington has other direct services to Liverpool Street and Victoria,
so the only real losses are Paddington-Waterloo and Paddington-London
Bridge - and many passengers between the West of England and the South
of England may well be better off changing at Reading and avoiding the
cross-London transfer altogether.