Automatic braking that is capable of detecting cyclists and pedestrians should be mandatory on cars.
And I believe they're mostly on high end cars, and are primarily directed against avoiding hitting other motorized vehicles.
Air bags are a lot more expensive. It should be possible to make it fairly hard to hit a human with a car in the very near future. Drivers suck at keeping away from bikes. Cars should do this for them.
Furthermore, a bike is a lot more agile than a big hunk of steel plodding in a straight line. You can shoot through a tiny gap that a computer would not be able to detect you were aiming for. There is no way to have the necessary safety margin without being totally unusable in practice.