Is this a solution searching for a problem or are there currently loads of issues with lack of bike capacity?
I believe there is a (long-standing) problem with much of the Railway here.
If you measure current activity, you may conclude that bike transport is not a significant issue; it may well not be.
The underlying question, though, is why that is the case.
Here's a perspective. In the past, one could arrive at a train station with a bicycle intending to bring it onboard with you, without any prior formality and be all but assured you could do so. Today, it's far from as assured. The (two, maybe) spaces may already be occupied by a couple who arrived or boarded before you did. To what extent is the present actual usage affected by that lack of reasonable certainty?
Some years ago, I commuted (so, yes, not the same scenario as discussed here, but to illustrate) from home 1.5 miles from a station to work 1.5 miles from another. My finishing time was wholly unpredictable. I had no issue with cycling at each end with my bike onboard. Typically along with 10-15 others
per train in peak hours (hence 10-15 fewer cars on the road
per train). If I was early or late for any reason at either end - no problem.
The modern railway does not facilitate that behaviour. Hence, were I faced with the same journey today I'd not contemplate an accompanied bike. That circular argument "proves" lack of demand; it's circular because the lack of capacity drove loss of demand.
That's commuting. Consider leisure - more likely in the situation discussed here: that type of activity may well be (unpredictable) weather related.
"It's a nice day, let's do a bike ride. Lets go to [X], ride in that area and return....". Same situation arises. Turn up at the station at short notice and pot luck if you get on. Worse, do your thing, turn up at the station to come home and ... no room. With that distinct possibility in mind, I, for one, simply would not consider taking the train for such an event. Hence, I don't form part of any measurable demand.
Given that one of the many self-conflicting aspirations of the government is what is termed "active travel" I'd suggest the railway needs to account for such peak latent demand as there is. Waking up to a perfect day, I'd far rather cycle to my local station, take my bike onboard, and do a leisure ride from my destination, returning the same way - when I'm done, when I'm ready - so, without any advance arrangement. I can't reliably choose to do that. So the bikes go on the car and.....no demand from me. It's probably a case of "build it and they will come..."