Gotta say, the number of cyclists over the pandemic has skyrocketed. But then you have runners too and families...
I think if people are still going in "droves" to activeTO, then there's a lack of space for people to do it safely aka there's a demand for it. Martin Goodman becomes a train wreck every weekend (or late afternoon when its nice out so the supply doesnt meet the demand) Also for some people, being able to cycle that path would also count as tourism. We have bike rentals all over and considering how unsafe our bike network is (compared to other networks in the world) This could feel like a good option/attraction.
I did a cycle tour in niagara last year, a while i'm a confident cyclist and don't mind riding on country roads with cars... a lot of people won't feel the same way. There's an industry for it and it could be bigger and better but we just don't have the infrastructure in place for it.