Because LEDs run on DC not AC like filiment bulds so you'd be wasting half a cycle (dont forget it's a Bi-cycle) to only rectifcy half the wave.
But I still see little point in it.
be fun to put a wind turbine on the back and a solar panel.
But I;m not sure how effcient a dynmo is I've heard most aren't I don't remmeber pro cyclist using them in compitition or for anything.