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It'll be every ten minutes or so, and only have space for half a dozen bikes. Who wants to ride when you might have to wait 20 minutes on a round-trip, even if you don't have to wait for multiple buses because it's busy? And over time the frequency will drop, there'll be outages, and it'll get so shit that nobody ever uses it - look at the bike service on QE2...
The solution was building a walking/cycling bridge but the Mayor scrapped it. He's done a lot of good, but this tunnel is a fucking mess.
A bus (or ferry) that can specifaically accomodate bikes… well it might make the idea of taking bikes on pubic transport generally more on the radar I suppose, given how restrictive various some train services/times have become.