It doesn't work with >80% owning a car and using it. There is just too much traffic, biking gets difficult and public transport runs half-empty (if even existing)
It would very well work in most places with <20% own a car and using it. And in some rare case renting one.
Gyms would go bankrupt because nobody needed to go there anymore because they bike every day. But that would be an acceptable downside IMHO.
(I know what I am talking off. I work from home, but I bike to some shop, not even the closest one, every day to get my motion.)
How to get there I don't know. Europeans are not willing to do it. And Americans are decades behind with the development going into the completely wrong direction.