That really isn't my point though. In general, not just in biking, people are finding easier and easier ways to exercise. Everything from weight machines, to sit up helpers, to bands, to swim suits, etc. People are going backwards not forwards with regards to fitness.
It sounds to me like you are doing the first sin in any competitive sport: you're judging your opponent based on appearance. Older and with extra weight does not an inept athlete make.
It just sound like your pissed that A) they have nicer bikes then you and , B) they're faster then you. Biking is great exercise don't get me wrong but for many its more than that, its about pushing the envelope. If you really wanted to bike simply for exercise you would ride the heaviest frame you could find convert it to a fixed gear with a 5:1 ratio, and put the nobbiest tires you can find on it. But that wouldn't be any fun, because al least part of you enjoys going faster.
On a side note there is only so much speed you can buy. In my experience racing a shitty rider on a $10,000 bike is still gonna be a shitty rider.