My theory is that Apple isn't that into low-differentiation devices that aren't directly related to their core businesses. Beats were on the forefront of wireless headphones, which ties nicely into iTunes/etc. While Apple is super into fitness now (because of the watch, as well as the Peloton-style recurring revenue subscription market) the Peloton stuff isn't really groundbreaking hardware: it's an unremarkable bike with an unremarkable display bolted on to it, with an unremarkable app that runs on it, and a remarkable marketing/astroturfing campaign to drive the wheel.

The hardware brand itself isn't that valuable, IMO. Perhaps the subscription revenue is, but Apple doesn't need Peloton's undifferentiated bike or brand name to participate in that market, and has world-class marketers of their own.

Apple probably won't make exercise hardware unless they can make exercise hardware vastly better than what is presently available. Peloton is not that.