Peleton sure is big, but it is targeted at a very different market. More “fitness” than “cycling” really.
Crossover between the groups for sure, but they have very notable differences.
Look back 5 years, and I doubt most people spend more than $300 on a fluid trainer. Only the super crazy-dedicated cyclists got smart trainers that were well over $1000 (Computrainer).
Zwift is almost solely responsible for the expansion that sees more trainer options in the first place, and the fact that people started spending that big cash for smart trainers.