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Absolutely, there's been some old-retire/young-advance turnover in the top bracket powering this.Or, another likely explanation: younger workers who bike to work are now breaking into the "top earners" category.
The overall point is that it is kind of a big deal that the connection between "earning more" and "driving to work alone" is breaking down.
The dirty secret / tragedy of transportation planning in the 1990s was that people used transit to get the job that paid the money that enabled them to buy a car. The more effective your transit was at connecting people to better jobs, the sooner passengers would buy a car and break the connection. (and allowing employers to move to car-only suburbs & exurbs)
This was probably true for biking to work then too (but the populations were so small that they were not of academic interest and really hard to get good data on). You still see some of this bias in the ACS data, with the stats broken down into SOV, Carpool, and All Other Modes.