You're not. Like was said above, you can ride it as a stationary bike for free. You're paying for the video content put out by Peloton which is added to daily, like a tv station. I can't help sounding like a sales person at this point but I'd also point out you get access to all their old content plus the fact that all this content is tied directly to your bike and the social network of other peloton riders.
Just a week ago during camping vacation I saw someone use a Quad to fetch baguettes in the morning (<1km). Then these people go jog later.
It's all just some big WTF to me sometimes..
"just"
What if you live in the city? What if you have a 10-minute window until your next meeting? What if it's raining? What if it's snowing? What if it's dark? What if you live in Arizona and it's the summer? Etc.
We all have different needs so I wouldn't write off people that want an exercise bike for their house.