I'd like to see it work, but it's way harder to implement in cycling than in skiing. In addition to the need to be able to deflate it very quickly that's already been discussed, if it adds weight to the jersey, negatively impacts aerodynamics and/or interferes with the body's ability to deal with excess heat, that would be a big problem in cycling when it isn't in skiing.
You could mitigate some of that by making everyone wear an airbag, because tbh I think that if it was implemented today, wearing one would negatively impact your performances compared to other riders. And as we've seen time and again, if cyclists have to choose between optimising performance and maximising safety, they'll choose the former over and over. The problem is that I doubt the technology is even close to ready for a sport-wide rollout.