Lightweight / feature-limited versions
For a lot of users there is probably no need for wifi/ant+/bluetooth/1080p/movement alarms etc - just deliver a bike light that is also a 720p camera.
Hopefully it would be a cheaper offering, but most importantly it would be a more reliable offering due to the fact that less features = less things that can fail.
The simplicity could also offer better performance and energy consumption due to less overhead supporting the additional hardware / resolutions.
Sure, you want to compete against GoPro, maybe, but GoPro doesn't have the two things you guys have, a good built in light, and the ability to loop video. Focus on that and leave the rest by the side of the road.