I am a competitive cyclist (Cat 3) and love Peloton. They have classes taught by former pros and their power meter racing works just as well as Zwift. Long term, they may be able to chip away at pro-am market. Besides, the typical competitive cyclist is affluent and can afford all of this. Most guys in my bike club have a peloton on top of every other piece of cycling gear imaginable.
I think what everyone is starting to see with PTON is the content is the moat. They attract the best instructors because they can offer them the largest audience. This is why Christian Vande Velde the former US pro who raced in the Tour de France has a class on PTON, not Zwift. This network effect is what will create a near-monopoly for them. No one else will be able to attract high-quality instructors, not even Apple. They will never have the scale.
Long PTON.