The Peloton experience, as I understand it, is based more around the live-streamed workout experience, the accompanying music, and the integrated refined hardware.

People on normal bikes can buy a 'smart trainer' ($400-1200) and already have many options of connected apps (https://www.dcrainmaker.com/2020/03/cycling-indoor-trainer-a...), the most popular of which is Zwift.

Peloton has a software only offering that you can use with your bike on a bike trainer. It's less feature rich than competitors like zwift,trainerroad, and sufferfest (no power meter support) but my wife likes it because of the spin class style format that those products lack

You can find pretty good spin-class videos on youtube. Like, dozens of em. I'm sure the peleton workouts are better and more varied, but you can probably find something that works without paying a premium price.

A smart trainer (wahoo, tacz etc) connected to Zwift, Trainerroad, Sufferfest, Rouvy, Bkool or similar. There are loads!

I use Zwift and Trainerroad. However, I don't think these actually compete with Peloton. Peloton is like going to a gym class. You just follow allong, and show up when you want to and go mostly all out. It's a nice workout, but often not aligned with long term goals. But TR for instance one gets a tailored plan based on one's race goals that season.