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You do realize that it takes a bunch of really nasty chemical processes to make cardboard, right?
In fairness, it takes a lot of everything to make pretty much anything. I don't have any figures to hand, but I suspect whether you make a bike out of cardboard, metal, plastics, CFRP, or unicorn horn, it's gonna require a lot of expended energy.
The benefit of the cardboard bike is, I suspect, that it's incredibly cheap to buy for the end user, quick and cheap to build for the manufacturer (nasty chemicals or not), and probably fairly easy to ship too.
If you're taking a holistic view of improving environmental credentials, something light, quick to make and cheap enough to make people think twice about more expensive, less clean methods of transportation is actually a pretty good one.