In response to earlier posts about the 160 lb limit being only "implied" by the bike rack... Tesla actually directly states a 160 lb limit on their support page here:
Model Y Tow Package | Tesla Support "When using the tow package to carry accessories, the 2 x 2 inch (5 x 5 centimeter) square hitch receiver is designed to support vertical loads of up to 160 pounds."
To those saying it's no different than a trailer tongue... that is not correct. Trailers provide a rather static load vertically, while a bike rack acts as a big bouncing lever arm and thus has a very high dynamic load while the car is driving.
Do I think 160 lbs is conservative? Yeah, but it's not completely unfounded either.