An actual indoor peloton simulation, with drafting is definitely superior on Zwift. 90% of people don't want this - the target market is very small and doesn't make sense. This is fine! Leaves room for smaller players.
This is simply not true. Perhaps you do not know those people but there are plenty of Texans using Zwift.
As for market cap - I own and use many old things. As long as they work why would I give a flying fuck about market cap of the companies that had made those. They might not even be (like my treadmill) in business anymore.
"We're not [publishing MAU numbers], but I can tell you a couple of tidbits. We've had over 3 million accounts created on the platform. We recently peaked around, I think 45,000 simultaneous users, but hundreds of thousands of customers are using Zwift on a daily basis."
So they definitely don't have 2.5 million users. Maybe they'll get there though!
(source: https://www.forbes.com/sites/robreed/2021/02/17/do-you-even-...)