True, but at least in America bikes alone are not a great option.
Over 60 million (1 in 5) Americans live in rural areas. These places don’t have public transportation or are so spread out that bikes are not practical.
https://www.census.gov/library/stories/2017/08/rural-america.html
But can you trust that a user will pick a difficult to break password? They likely will pick something simple to remember but that is not a good password.
The we are just back to essentially having a plaintext password because if the attacker has a good dictionary, it will be easy to crack.