Biking outside isn't equivalent to spin classes. I say this as someone who used to do spin classes frequently, and now bikes outside multiple times per week.
The motivation and enjoyment you get from the music and the instructor is more comparable to a cardio dance class, or even dancing at a nightclub, than it is to road biking.
Biking outside also requires much more will power, especially if the weather isn't perfect, and is much less safe.
There's definitely an argument to be made that Peloton is overpriced, but the argument that you can just as easily road bike doesn't hold water for most people.
The motivation and enjoyment you get from the music and the instructor is more comparable to a cardio dance class, or even dancing at a nightclub, than it is to road biking.
Biking outside also requires much more will power, especially if the weather isn't perfect, and is much less safe.
There's definitely an argument to be made that Peloton is overpriced, but the argument that you can just as easily road bike doesn't hold water for most people.