First the air going into the inlet is not sucked in at 300 mph, it is pushed in by the forward speed of the bike, in this case, and you now have air at 300 mph that is going through an inlet tract that may not be smooth so it is probably turbulent and very likely un-attached so therefore high drag. Nothing is free, in your pipe example if you push the pipe through the water slowly then the drag is only related to the "frontal area" of the pipe as the flow through the pipe is laminar, but as you go faster such that the Reynolds number exceeds approx 5000 (I think, it might be higher) the flow becomes turbulent and the drag increases considerably with speed.
Rex