I agree that it's pretty dumb that it's the same level of offense, because the potential for harm to others is so much less than with a large motor vehicle. Same reason I think it's silly to require licensing to be allowed to ride a bicycle on the streets. That being said, it's certainly dangerous, and the risk to others (especially pedestrians) posed by drunk cyclists is not zero.

What would make a lot more sense is for the police to concentrate on driving behavior that actually poses a really serious danger to others, such as distracted and drunk driving of motor vehicles, rather than harassing cyclists for technical violations of the law. And I think that drunk cycling is probably mostly ignored most places, for the most part, so they generally do.