This was not an option when you posted your question, but if you didn't manage to get react-rails working (and for anyone else with the same problem)...I was seeing the same error, but was able to fix it with the following steps:
Update Rails 5 beta 3 to the release version, and include react-rails in the Gemfile:
gem 'rails', '~> 5.0.0'
gem 'react-rails' # use whatever version you want here.
Run these terminal commands in the project root line:
bundle install
rails g react:install
At this point, a new error appeared when running rails s - then once I'd fixed that, a browser error showed up. I was able to fix everything with a few additional steps:
Add the following to app/assets/javascripts/application.js. If you are using require_tree ., ensure you place it before this line:
//= require react
//= require react_ujs
//= require components
//= require_tree .
Create app/assets/javascripts/components/components.js.
Add this line to config/assets.rb:
Rails.application.config.assets.paths << "#{Rails.root}/app/assets/javascripts/components"
At this point I had react-rails working.
Hopefully that helps.