Yeah, but even within Peloton's own sphere competition is fierce and IMO some of the biggest "pros" of Peloton are liabilities.
The customer base also includes me - I ended up getting an exercise bike during the pandemic, was in the price range for a Peloton (expensive as it may be), but ended up not choosing the Peloton.
The biggest factor for me is that I didn't want to tie an expensive bike (which will last for many years) to the upgrade cycle of a consumer electronics device. Which is to say, I wanted to bring-my-own-tablet, knowing that I'd want to upgrade the screen far more often than I'd ever want to upgrade the bike. The tight integration here is actually - at least for me - a downside.
There are also a plethora of subscription services now that do on-demand/livestreamed classes that aren't Peloton, and bringing your own tablet allows you freedom to choose any of them. Oddly enough - subscribing to Peloton's own content on an iPad is cheaper than doing so via their own bike, which further compromises the appeal of their hardware.
I ultimately got a Bluetooth-enabled bike that didn't have any screen at all, but instead has a large tablet holder. Throwing my iPad on it and putting in my AirPods has been very usable.