https://www.omnicalculator.com/physics/stopping-distance
So if you do the math, bikes take up less time-space, or said better: achieve higher throughput. They are multiple times more dense at their travelling speeds. The only real way out of this would be to travel at unsafe distances.
Also, a bicycle-majority traffic mix wouldn't have to conflict with the presence of high-passenger-capacity buses.
That may be true that cars can have shorter time-distance separation, but I think there's a gap in the modeling there with regard to group travel:
If you have a four-passenger car and compare that to the same group of people traveling together by bicycle, the time-distance separation factor disappears.
If I'm a pedestrian who needs to cross a road, or a driver who wants to turn on to that road, it's equally busy if there's a 10mph cyclist half a block away, or a 100mph car 5 blocks away.
If they are evenly spaced, there will be a car every 0.1 miles - and each car is going 100mph according to this thought experiment. This gives 3.6 seconds to cross between 100 mph cars that probably won't swerve to avoid you and may careen out of control if they do.
Meanwhile, there is a bike every 26.4 feet, and you have 1.8 seconds to cross. 10 MPH is speedy for a bike, but they have to only slightly adjust to avoid hitting you if you make a mistake (and are about 1/5th the width if not less).
I'll take the bikes!
In urban environments, cars have a low average speed (e.g. in London UK it's around 14mph) so I think space will dominate here too.
Also remember that as speed increases, so does spacing for safety reasons.
Cycle infrastructure should be built by taking space from cars, not busses.
Elsewhere less dense it's probably a different story if you have to travel a few kilometres over a 60 km/h road to reach your destination.
That last part is something which drivers usually leave out in their travel time estimates: off-peak, a car can often go faster to the general area but the time needed to find parking, pay, and walk back usually cancels any savings several times over.
If the question is how many people can we shove through a pipe/tunnel/travel network, speed is as much a factor as physical size. Bikes and cars both take up massively more time-space than trains or busses. But pro-buslane voices are rare these days.