I'd argue that it's superior to both the Parasaur and the Stegosaurus, in terms of efficiency. It's in the goldilock zone of it's kind.
While the Parasaur is easy to tame, the Trike doesn't take much time either, even with just mejoberries. And the Stegosaurus is usually too much for a very early tame. Just keep in mind to not tranq it's head shield, as it takes much less torpor than it's soft body.
The turn rate is optimal and matches the Parasaur, while the Stegosaurus has a very big problem with it's rotation. The Trike is perfect for turning to farm the bush nodes.
The Parasaur has no defense, and the stegosaurus has a hard time with dealing against packs of small creatures. The trike has a very powerful push back, combined with the turn rate and health it can defend itself and you- it can tank against carno assaults, which you will encounter everywhere.
It also functions as a cargo dino, with a great weight.
I can not stress enough to my friends how useful the trike is. Early game it makes a great pack animal. Late game in groups of three or four it can be used as a decent battle mount. Taming a trike early on can be a great way to start a large base and keep you well fed with berries.