Moved to report thread covering the issue.
//Mod
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I was suffering from the same problem, and still am for the main char I play on.
I created a new world, same problem.
New world, different char, no problem.
Old world, different char, no problem.
So it seems to be character dependent, not world dependent.
Which is pity, because I loved cycling. Would really appreciate a fix soon, had my hopes set on this update.
So, where is the problem. Just build the new char like the old one was.
@Madchaser Old world + new char = old world and no XP…this does work but you lose all your XP and skills.
@Zesiir thanks, it’s going to be a long walk to the next update… I vote you let us ride on the back of a robot and forget the bikes…
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I like that idea, actually.
Side note, can you ride the moped as normal or does the same issue apply there too?
There is one for free in the update.
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So I just tried to replicate this bug, but I just can’t do it. I spawn a bicycle, ride into deep water, then respawn at the shore. I go back and spawn another, but I can use it as normal. Am I doing anything wrong? 
No.
I guess the trigger of the bug got eleminated.
Bicycles that already are bugged weren’t fixed.
Just wanted to chime in and say I got the DLC and was able to use a dirt bike normally but still can’t use bicycles.
I had to buy motorbike, Motorbike great fun, but still cant make the bicycle move off. You will be ok if you buy motorbike 
In general you don’t have to buy them because one is for free in the game, you just have to find it first.
I guess the same as @Madchaser , Fixed the trigger but did not cure the problem for us poor suckers that like to go swimming with our bikes on…