I agree with everything you said but with Peloton's marketing/how they make the Peloton to appear like nothing else can compare, they may break the mold with the TV magic can imprint the name, "Peloton" in people's minds if they keep making big, fancy commercials designed to stick in people's minds. The TV industry has learned that people are very visual. To prove the point they hardly even say anything about a vehicle in a car commercial anymore, no specs about it, no nothing, just a cool car in some made up fantasy world and it sells like hot cakes. That's almost unbelievable but it works and they know it. Repetition of the Peloton commercials could 'possibly' be the key to making it a generic name but time will tell. If anyone wants to get to that point in time faster to how it turned out I suggest getting a Peloton to pass the time faster. lol! Just a joke, I don't work for Peloton.
It's true that they could make people's first thought "Pelaton" when they think about getting a workout bike, but there's already a functional word to describe the object, and if there's no need to replace it, then people won't. When there is no really functional term, or when that term is cumbersome, that's when people look to the names that dominate the market.
The other thing to consider is the need for people to talk about the thing. People in offices had a need to discuss making copies; people with colds needed to talk about 'disposable handkerchiefs.' People who are focused on health and fitness need to talk about exercises and equipment, but not all of them are going to choose a stationary bike, so the group of people who are looking for a functional term is much smaller.
Probably the most recent example is "to google." Google was not the first search engine, but they began to dominate fairly early in the game, just as the need to refer to an internet search was become more and more pressing. There was no real functional term for the action - not one that emerged as the clear 'winner' anyway. Do an internet search. Search the internet. Use the search engine. Surf the web. And so, as Google became more dominant and the need for an easy, precise term increased, it morphed into a generic noun (much to Google's dismay. They even got Sweden to remove it from it's official vocabulary when the word that translates into "ungoogleable' made it into the Swedish lexicon
'Ungoogleable' removed from list of Swedish words after row over)
Finally, I think because Pelaton is not just about the bike itself, but about the bike plus the subscription for online classes, that it's a different enough thing that people won't want to use it as a generic for any stationary bike, period.
Now, if that market expands and there is more competition for the "bike plus virtual exercise classes" model, instead of it just being a fad, then perhaps "pelaton" will become a generic for that kind of experience, since it's really the first of its kind - or at least the first of its kind that has gotten this kind of wide-spread attention. There's already at least one company trying to compete - I think it's called Echelon? Which I think is a mistake - the name, anyway. It sounds too much like Pelaton. But I think the competition is good. Over 2K for the bike, and then $39 a month for the classes. That puts it out of a lot of people's reach. Which is another thing that would have to happen for it to become a part of the lexicon - distribution, common need. Right now, it's only a fraction of people who can afford this kind of thing, so the group of people wanting or needing to talk about it on a regular basis is quite small.
Anyway, that's my linguistic 2 cents
