Don't you see the problem then Joe? If cyclists are in effect relegated to a stance whereby they won't go on the road for fear of other vehicles, or as is the case(especially where I live) you see the SUV's with multiple bikes strapped to the back for "off road use" only, then motorised vehicles see less of them on the road(BTW i prefer road cycling), take even less care, and more accidents happen!
By "self regulating" we are making things worse. The attitude to cyclists in this country is appalling.
We've all seen it- idiots overtaking in the most stupid places(I commute 75 miles each way of the notorious A9) to save a minute or two on a journey, and when you get to the junction/roundabout at the end of the road they're still visible one or two cars ahead. Maybe we need a system of licensing whereby every five years you get it revoked and go back to cycling or a moped...you'd soon regain respect for two wheelers.