The easiest way I found to visualize it when i had that same question is to draw the path of the center of gravity.
On a bike it more or less makes a straight line.
When you walk it not only goes up and down but side to side.
The going forward costs you almost no energy except for friction and wind resistance.
The going up and down is ridiculously high energy.
Seriously, it’s a little far in ELI5 but the energy is an order of magnitude different almost.
So saving yourself the energy of moving your center of gravity up even the 3 or so cm that it does is worth almost 10% of your body weight.
Add to that the difference in friction of the wheels vs your foot coming to a complete stop on every step and to be less efficient a bike has to weigh about 20% of your body weight for the same speed.
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