Plenty of people watch the tour de france, which is basically low powered slow racing. The strategy involved in exploiting aerodynamic gains in the pack is kind of fascinating. Trying to sell it as the same thing is kind of dumb though.
in 2005 Tour De France was completed in 86 hours and 15 minutes at the average speed of ~42km/h
that's very fast for bikes (and probably more dangerous than driving f1 cars, that's what makes it fascinating for cycling fans).