TLDR: 5x more dangerous in car than bikes per billion km. Less dangerous in countries with more bikes per capita, despite fewer helmets.
So, I agree with OP's point that perhaps cyclists are being over regulated. I bet that there is a high correlation between type of bike and deaths. Perhaps we should be all required to ride one of these: http://www.denmanbikeshop.com/thebikeshopblog/wp-content/upl... Fewer deaths would ensue.
