This was a Critical Mass event, which is why the bicyclists are taking up all of the street as a way to reclaim the streets and protest the lack of safety for riders under usual conditions. It’s not legal, but protests are never useful if they’re fully legal now, are they.
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Yes, a car driving the wrong way on a road is more dangerous than a bike doing it, but a bike doing it can still cause an accident by them getting hit or causing a car to swerve.
Additionally, there are numerous pro-bike laws in place to protect bikers and ensure their safety. Your us vs them mindset is causing you to ignore reality.