I think what you guys saying about snowbiking is correct, but I think there are a couple nuances to this that are holding the sport back. We don't see them because we all participate in motorized snowsports and we forget what it is like to be "new".
I got into snowbikes with literally zero experience on a sled. I had wanted to try both sledding and then snowbiking for years, but I was held back by a few things.
1. Understanding what to do and where to go. As experienced riders we take for granted knowing just what we are supposed to do with these machines. Without friends to guide me I didnt know what machine to buy, where to take it, what gear to wear and what exactly am I supposed to do when I get to the mountains.
This is where sleds will always beat snowbikes by a wide margin. Why? Because sleds are everywhere and they are easier to ride in a big variety of terrain. People can buy one for $2500 and ride it on a frozen lake and have fun (for a little while anyways). I know 60yr old women who go sled trail riding on flat trails.
2. Complexity of purchasing. Sleds not only win the price argument, but the complexity. I know a lot of motocross racers who cant even change their own piston on a 2 stroke. No chance those people can confidently build a snowbike. Sure they could buy a used one, but the complexity of it all will always scare people away.
People want to walk into a dealership and just buy a brand they have heard of.... get on... and ride. Until you can do that with snowbikes they will never become bigger than a niche sport
3. How fun is it when starting out. Truth is, nobody starts out riding in the trees on a snowbike. If you are a new rider you go to a meadow and ride around. Then you try climbing a hill. After a year or more of riding you start to enjoy trees on a snowbike.
The reality is that in a powder bowl snowbikes just suck compared to a sled. Sleds go straight up and do wheelies. Fun (I guess).
The only item of the list that the industry can address is #2. Making a single sku item that the public can purchase easily. Would that be enough to make them popular? My guess is that the manufacturers dont think the financial risk is worth the reward because of the other factors holding the sport back.