Foregoing carbs for a protein centred diet will force the body to use fat stores and you will be able to operate closer to your threshold power for longer. Great for ultra endurance athletes.
The only issue I see is in this theoretical situation. Say you have two athletes training for a race that's 7-8 months away, which leaves enough time for a proper training phase to lead to a peak. Both athletes start with a functional threshold power (FTP) of 200w. Athlete A is working on none to low carbs to become ketogenically adapted and trains hard enough to be able to work at 95% of FTP for a very long time. Not taking in carbs means the muscles just don't work well over threshold but you can work very close to that ceiling using only fat. Athlete B is on a carb centred diet. He can do anaerobic and v02 threshold interval work and over that time period he's built his FTP to 250-260w and can maintain that at 80% for a long period plus he's able to recover better from attacks above threshold.
Scientifically, if you're an ultra endurance runner then becoming keto adapted makes a ton of sense. But cycling in general, and especially MTBing we do a lot more punchier work that utilises the glycogen in the muscles.
This obviously is more racing centred advice. If you're just crusing about and crawling to the top just to smash the downs with mates and climbs and Strava are of no interest, then doing a low carb approach will definitely work as long as you don't mind the downsides.
Then there's doing it for the weight loss, which is fine too. Just know you've gotta be really strict to hit that keto adaption but as a diet to loose weight, it's pretty good. The "eat less calories than you use" in a day still applies.