I think some of your points raise legitimate concerns. 5. is wrong though, out of curiosity I googled the site, and registered my bike -- and no payment was required. Where did you get the information that it would be paying? Is that after the kickstarter is funded?

Registration of all new bikes is probably a good way of solving the problem once and for all, although I'm dubious it would work correctly without the legislator involved, and you don't want to involve the legislator, because it wouldn't be free.