Theoretical/in-a-vacuum numbers like this always make me suspicious; it isn't as if workers would have $163m less at the end of a year any more than companies would have $163m less in accounts. That isn't how life works.
EVEN if it did - what if, as traffic were slowed and bike lanes and walking lanes were put in, commuter life improved? Society appreciated the new living space and they got healthier and spent less on fuel and cars? That new economies were enabled by new, healthier, cheaper forms of transport?
Assuming we're still going with 1 minute a day saved which was an intentionally low estimate we're still talking about 12 years worth of time saved over the course of a year. Those minutes add up.
EVEN if it did - what if, as traffic were slowed and bike lanes and walking lanes were put in, commuter life improved? Society appreciated the new living space and they got healthier and spent less on fuel and cars? That new economies were enabled by new, healthier, cheaper forms of transport?