I'll leave the keto for another thread, you are right but for some people it is incredibly effective even once that water has gone.
So lets ignore rims, hubs, spokes, fork lowers, brakes, chain stays / swingarms...it is too much to ignore, how great is the positive effect on the mechanics of the bike? Plus you have to lift, hop and jump the bike and not being a complete extension of your body, you are not attached it, means its harder than lifting body weight.
I know if we talk pure xc, long rides then body weight is going to usually be a win with the fitness from the exercise a byproduct but in other disciplines it is less relevant. In general freeride on a 35lb bike, if that weighed 30lb would your ride improve all round more?