Yeah, road wear scales with mass⁴ afaik, so if the average bike with biker weighed 100kg (it doesn’t) and the average car weighed 1000kg (it doesn’t) you’d need 10000 bikes to make as much impact as that one car. Since cyclists are generally lighter and cars heavier, the ratio is much higher.
I would also imagine that the lower speeds and acceleration a cycle is involved in contributes—the tyre just isn’t subjected to as much force.
It’s generally conspicuous consumption, where the main point is to flaunt wealth.
Functional aspects like how well an engine runs or a clock displays time are part of that, as poorly functioning but expensive-looking stuff is generally derided, but you also can get great-working stuff that doesn’t look flashy.