Sadly the description of the accident is one I recognize. As I live in the city I quite often go for a Sunday ride up a shared pedestrian/cycle track that runs through Edinburgh following the river through town.
That's not at all the situation as I remember reading about it at the time.
The cyclist was riding through quiet back streets and turned a corner to find a group of teenagers (who'd been drinking in a local park) walking along or across the road. He shouted but didn't immediately slow down. The girl who was killed had just stepped into the road when the collision occurred, and fell back onto the pavement. The cyclist was found guilty because he admitted he could have braked sooner, or crossed to the other side of the road.
The test, here, and the measure of whether something needs to be done is to compare a similar scenario, were the cycle / cyclist a driver of a vehicle at the time.
If, in that instance, a driver would have been charged with (death by) dangerous driving, as opposed to DWDCA, then I suspect it's a reasonable proposition that there's an anomaly or gap in the law. After all, a cycle / cyclist at speed may not be as dangerous as a vehicle at speed, but surely is more so than merely other pedestrians.
Culpability, in this instance, seems to be this "He shouted but didn't immediately slow down." - from the sounds of things, the cyclist apparently / allegedly didn't modify his cycling after encountering a hazard.