Actually it isn't.
Going through a red light on a bike is quite a risky thing in a busy area, and likely to lead to near misses. Do it enough and you end up with it no longer a near miss, but a hit, and if you're unlucky your family get a visit from a family support officer.
IIRC about 3 or 4 years ago when there was a spate of cyclists killed in London the bike groups pushed for police action on people breaking the law at junctions and putting cyclists at risk, and the got very upset when the police did couple of weeks of zero tolerance at several higher risk junctions, mainly because the police ended up stopping more cyclists than drivers as cyclists were doing things like ignoring the lights and doing risky manoeuvres whilst the drivers on the whole weren't (IIRC of the deaths that led to it, I think only was was purely the fault of the driver, the others were things like jumping lights by the bikes or passing inside whilst a lorry was already turning).
All road users should be following the law.