What's so Great About Bikes?

I don't get the glorification of the bicycle. A short hundred years ago it was some new-fangled contraption that the old timers probably blamed for all the ills of society. Now children are considered abominations if they don't ride them. This does not makes sense to me, as giving a kid a bike is the equivalent of telling them to "Go play in the street."

Sure, I had a bike when I was younger and rode it a lot. It was the only way I could get to the arcade. Now that game consoles are better, I no longer see the need. If I require an expensive device to move me faster, I'd use my car.

I am not arguing that one shouldn't get outside and exercise, but why not walk, or if that is too slow and boring, run? I suppose because you are in danger of being run over by a bicycler.