Typically used literally to say 'I'm going for a bike ride' or to invite someone to cycle together. Also used casually to mean 'I'm out and about / busy.'
status meaning
Status use often signals an active lifestyle or a current cycling outing. Sometimes used as part of a fitness-tracking or accountability status.
double meaning
Can subtly mean 'I'm moving on / not waiting around for anyone' in post-breakup or post-conflict contexts.