Bike Escalator?

Located in Trondheim, Norway is something quite amazing..  a bike escalator! The CycloCable was built to promote cycling in the city as the city has a few very steep hills.   The system can manage 6 cyclists per minute at a speed of 2 miles per hour and is about 427 feet long.
It's been around since 1993 and it's a free service.  I find it odd this hasn't become a trend in places like San Francisco in which cable cars are already in use.. why not CycloCables?!