The idea itself isn't new; another prime example is the 'living bridges' in Northern India – bridges built from carefully maintained entwined roots, capable of self-repair against erosive (mostly water) forces facing the high mountain regions.
Meghalaya's Living Bridges
Although we have similar attempts to create synthetic self-repairing, self-cleaning, and self-replicating materials in production – consider what nanotechnology, graphene,or cubelets can do today – still, nothing beats nature itself. The one biggest downside is manufacturing times: Creating a living bridge takes a few generations of work, and creating a bamboo bike – even given how fast-growing bamboo is compared to trees – isn't exactly a two-day effort.
The Ajiro Bamboo Bike is Grown From the Ground Up
A student designed this bike from bamboo grown out of the earth.