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It varies. Usually fares are just there to ration use of the mass transit, providing less than a third of its cost (ignoring capital)
Also: why would you ration transit? You want as many people as possible to use it
No one’s so cheap they cycle instead. Those who cycle do so for health. We could free up there roads for the die hard drivers
For bus systems at least the amount fares cover is typically on the order of 5% give or take in the US. The fact that bus fares exist at this point in the US has got everything to do with emotions, narratives and a political stance against providing a social safety net and nothing to do with cold hard economics.