Those old 2 stroke race engine had a very, very narrow power band. They just would not make power at lowers rpm. they made great power in their power band, but because road racing involves acceleration, deceleration, then acceleration again, that peaky power band was a problem- they solved it by allowing using the gearing to keep the engine in its power band over a wide speed range- of course, that involves a lot of ratios.
The 2 stroke bike engines are not that peaky, but they do not have as wide a power band (or as flat a torque curve) as a typical 4 stroke, even though a given engine may make more peal power.
In the real world, most of us are not racing and have been making due with 1 speed. For my purposes, one low gear to take off from a standing stop, then shifting to the cruising gear is enough. Three might be better, but i don't think I need more than that just to ride around. Keep in mind that, living in Indiana, I don't have big hills to contend with.
Also, keep in mind that those 50cc racing bikes operated over a speed range from below 5 mph to over 80 mph and needed gearing to accomodate that. Even the 2 stroke bike engines typically will not operate over 40 mph and therefore, even if they were as peaky as the racing engines, (they are not) they would only need 4 to 5 the gears to the engine in its power band over that speed range.
Work with an engine with a broader torque curve over a speed range between 0 and 40 mph in a casual riding context, not GP racing, and less gears are necessary.
I am mulling over the simplest, lightest, least drag, most dead simple 2 speed transmission anyone could imagine...still in the "thinking" stage and would never be manufactured for sale, but I think it may happen.