You're really hitting the nail on the head with this analogy. If you replaced all the cars with cyclists then yes you'd increase the number of cycle accidents, but no one of those cyclists would be capable of causing anywhere even remotely near the level of carnage one car driver can cause. In fact, the amount of damage a single cyclist can cause would decrease with fewer cars on the road, given that at present the worst damage a cyclist can cause is by indirectly causing a car driver to crash.