It wouldn't be quite that bad. You're probably putting out something like 100-200W. Even factoring in generating and storage losses, you're looking at running a reasonably bright LED bulb for several hours on the proceeds of a 30-minute session. Still not worth the effort of building the equipment, of course.
200w seems for pro cyclists. 100w for above average sports fan. Today lots of computing devices fall under 10w power usage. Hence my daydream. For light or electric appliances that's another story.
I've seen similar things in Africa were people just attached bikes and drums together. Didn't have hot water though. For cold water + soap washing it's clearly a win.