NYC is a big, dense city, it already takes forever to get around via public transport. If busses were about as fast as walking, people would just use cars.
There's nothing all that bad about driving a car, so public trasport has to be at least better than walking to be better than driving.
For example, looking at some of the commutes my family does (I work fully remotely), one has to spend 45 minutes to travel ~12km via subway, which would be 20 minutes via car, or 2 hours if walking. Another has to spend 2 hours to travel ~50km via subway and bus (all still within the city) or 30 minutes via car, with the equivalent walk apparently taking 7 hours.
So, in the first case, that's an extra hour and a half they're losing per day to just transport, and in the second case that's 3 hours per day being lost to transport. Now add in time spent taking kids places, and basically you end up spending most of your life outside of work just getting around instead of actually doing stuff.