I installed the Draw-Tite Class I on my Bolt LT. It's a 1-1/4" receiver rated for 200/2,000 lb loads.
Two reasons I selected this product:
1. Ease of installation - No bumper parts need to be removed. Just unfasten the forward edge of the under-bumper trim panel for easier access.
2. The receiver mounts to the lower bumper bolts AND the underbody framework. To me, that is a sturdier way to support the up-down loads on the hitch (tongue weight) as opposed to only using the bumper mount bolts.
This setup works very well for towing my Waverunner. I would think it would work just as well for the bike racks since it would tend to brace better against the "bike bounce".