I'll be one of those commenters I guess.... What!??
Balancing in a canoe is in no way similar to a bicycle. I can jump in a canoe having never been in one, and it will balance itself. I can probably even manage a few trepidous rows of an oar (or hand, or arbitrary object) without tipping it. Without me, the canoe will stand on its own. If I fall, it will often right itself without me.
On top of that, a canoe is both an evolution on previous working designs (rafts), and analogous to nature (whether it be a fish, crocodile or a floating log).
The horse, with its four (not two!) legs is an even more ridiculous comparison.
It seems pretty clear that the development of the bicycle would've been significantly hampered by the fact that balancing on two wheels was:
(a) unintuitive as an idea with no analogue in nature or previous innovations
(b) had a marked learning curve
(c) that learning curve was separate and independent for each design. Riding a modern bicycle doesn't automatically make you an adept penny farthing, unicycle, nor tandem rider. Nor any of the umpteen other technological iterations.
I wouldn't be surprised if this trumped material/manufacturing limitations as a hurdle. See this whimsical video for "evidence" of this [0]