I was floored when I realized the Peloton has no games and it's closed to third-party developers. It seems to just have group classes which couldn't be less interesting to me. I'd ask "what were they thinking?" but it apparently sells like hotcakes, so it's me who's out of touch.
Peloton is a fad and will be dropped for the next exercise fad in 2-5 years, just like SoulCycle was. For now, they are feasting.
I don't think you can pass this off as a fad- Soul Cycle first hit the scene around 2009, its still around- and they have just released a bike and service as well. Other look alikes have come on the market as well- Tonal and Mirror being the biggest. This is looking less like a fad and more like they were the leading edge of a smart exercise equipment industry.
Sure the specific piece of equipment that is in vogue might come and go, but I think Peloton is here to stay. This doesn't mean that gyms are going to close in the long run, but workout equipment as a service is a class of product that I feel is with us for the long haul.