Undoing some of this infrastructure should be an easier process than setting it up; bikes take less space, asphalt, and steel than cars do.
In the 1940s the United States was able to mobilize into a war economy in months. Today we are incapable of manufacturing medicine and surgical masks.
It absolutely happened quickly back then. There was money to be made and a capable leadership class. We are now led by their incapable grandchildren. The smart money is seeing strong returns in Silicon Valley and Wall Street, and has no interest in long-turnaround you-need-to-know-what-you're-doing stuff like concrete, asphalt, and steel.
Just as a medieval peasant had no hope of figuring out how to build a coliseum or an aqueduct, a modern American neoliberal technocrat is entirely un-equipped to engineer, build, or plan much of anything.
I'm not going to outright reject "it needs to be more than reduced speed limits," but speed limits are a change that can be made in the short-term that would lower noise levels, lower pollution, lower traffic fatalities, and increase tax revenue.