It's another example of the title problem. You can think of it in a similar to how VINs work for cars, or ESNs work for phones. In those cases, there's a centralized database that tracks whether things are stolen or not. It's possible that NFTs could be a decent way to handle supply chain auditing of this variety, considering it's just rebirthing a process that already exists but in a more analogue form.

The advantage over something like bikeindex is that you could make the transfer process a lot more seamless. You could build things like escrowing into the protocol, so when someone sells a bike to you on craigslist, you have a nice clean transactional system which adds some nice anti-fraud measures and protections for you without necessarily requiring you to buy it from a store or marketplace to gain those protections.