When i was 10-16 years old, (1970s) bikes were simple, cheap, and lasted forever with some chain lube and air in the tires. Now bikes are so freaking complicated and expensive I don't even want one anymore. Parents haven't gotten a meaningful pay raise in 20 years and "necessities" like portable phones for the entire family, and cable TV costs $300-$1000 each month. Maybe more. Throw in all the team sports like soccer and little league baseball, which costs money and daylight hours after school or during summer, and there is just no time or money for kids to take up cycling.
Times change folks. Everything is motorized. Pedaling a bike is for old people and the poor.