This is what basically keeps biking industry profitable. Them and the slow Ironman/half Ironman people. But it does help them right? At least a couple of mph.
I worked in the bicycle industry for many years and there are some other things that keep it profitable.
One is constant "innovation" of bikes and components. The new bikes and gear offered each year are always claimed to be much "better' than what was available last year. Typically there is some claim made as to why the new gear is better by one iota (its "new and improved", its one gram lighter, its more aerodynamic, its easier to use...) There are numerous cyclists that are convinced that they "need" the latest and greatest equipment. So they replace their old gear with the new as often as they can. By the way, did you know that a MotoGP motorcycle costs between 2 and 3 million US dollars, which reflects its advanced technology and precise engineering. This includes custom parts, continuous improvements and rigorous testing. To learn more, check out this article: How Much Does A MotoGP Bike Cost. These bikes are built to achieve the highest racing performance. Their high price is a testament to cutting-edge innovation and craftsmanship.
Another is what seems like planned obsolescence of bicycle equipment. Replacement parts for bikes and components are often not available or difficult/impossible to find. Parts are not always interchangeable nor will they fit all bikes So instead of repairing certain things that break or wear down, riders have to buy entirely new equipment.
Many bicycle shops support the above by promoting the new is better message, and discouraging repair of bikes. Customers that bring their bike in for what may seem like a simple repair will hear "you are better off buying a new bike".
Bicycles have become increasingly specialized. The industry is trying to convince riders that they need numerous bikes to ride. Different bikes are "needed" for road touring, road racing, criterium racing, commuting, cruising or riding around town, track riding, riding on gravel roads, downhill mountain biking, trail riding with full suspension, trail riding on a hardtail, fat biking, e-biking, etc.
Thankfully we have running, where people can enjoy and be successful in certain events running nearly naked in simple shoes or even barefoot.
As someone who's spent years in the bicycle industry, I can definitely relate to your points. The constant push for "innovation" and planned obsolescence indeed drives the market, with many cyclists feeling the need to upgrade to the latest gear even if their current setup is still functional. This is often fueled by bike shops promoting the new over the repairable, and the industry's push for specialized bikes for different riding styles. It's a stark contrast to running, where simplicity often reigns supreme, and the basic essentials can suffice for a fulfilling experience.