If we want to compare market caps, Peloton has a 35 billion market cap to zwift's 1 billion. Also, to counter your anecdata, I live in Texas and no zero people that use zwift, but many that use a peloton.
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.