> The basic design of a diamond frame and chain drive has not been improved upon for over 100 years.
Except we have in the form of recumbent bicycles which have a huge aerodynamic advantage but they were banned in the 30s by making rules to enforce the frame dimensions.
Recumbent bikes hold the world land speed record on a bicycle if the definition of a bicycle is "2 wheeled muscle powered vehicle". For example the flying 200m speed record is 133km/h (flying start, flat ground, 1.66m/s tail wind max). 1h distance record is 90km while for normal bikes it is 55km etc.
Basically rules stifle a lot of innovation in the cycling world. Most pro bikes are too light to race legally so they have to add led weights. Strict rules about handlebars so you cannot get into a good aero position easily etc.