In the case of standard racing bicycles, it really is rules rather than tech.

There are different formulae for road cycling (governed by Union Cycliste Internationale), triathlon bikes (International Triathlon Union), and "human powered vehicles" (International Human Powered Vehicle Association), typically recumbent and with fairings, and others.

Top speed (undrafted) for HPV over a timed one mile is 78 MPH.

http://www.whpva.org/land.html#220

https://en.wikipedia.org/wiki/Racing_bicycle#Distinction_bet...

If utilitarianism optimises for local travel, the biggest difference I've seen is a curved top-tube on omafiets. If it optimises for moving rider and luggage from A-to-B, touring bikes are pretty standard.

The point is to go faster, not to be utilitarian. Materials and aerodynamics have improved since 1890.