Every sport needs rules. A technological sport needs technological rules. A pharmacological sport needs pharmacological rules. Heck, football and baseball have financial rules as well. Imagine how much more exciting football would be, if there was no limit to how much the players could get paid. Imagine if there were no financial / recruiting rules in college football.

I could imagine a couple of reasons for technological rules in a technological sport. First, unlimited technology simply becomes a money game. Second, it takes time to assess the impact of some technologies on the health and safety of the athletes. Third, hugely imbalanced competition makes the sport less interesting to fans and athletes alike.

But I don't see the cycling rules limiting mainstream cycling. The most common bikes -- hybrids, cruisers, etc. -- don't resemble racing bikes at all. Electrics are taking the world by storm.