I think the point is that we didn't make it for a _long_ time after the Industrial Revolution. The "safety bikes" mentioned in the article, the first really practical bikes, only really took off in _1890_.
I rode a £250 Triban in London for 7 years until I sold it recently for an e-bike. It's not handmade, but it's a solid bicycle. I did have to upgrade the tyres to Schwalbe Marathon Plus, though, to stop the punctures.
A similar price will get you a wildly superior bike the likes of which was well beyond their craft, quite serviceable pedal assist bikes are selling for under a thousand these days.