Hey - they don't have knock sensors on bikes!
Good point
But if the knock sensor picks up what it thinks is detonation, it's going to retard the timing in an attempt to stop it. If this works - and you're no longer detonating - then wouldn't it be true that you're also no longer causing any damage to the motor? I don't know - I'm just asking.
I'm sure that retarding the timing isn't going to have any positive effects on your performance, however.