If you mean this:
Then the elements that are streaking .... The footage was duplicated then the rider and the handle bars have been separated from the background by rotoscope (you can use RotoBrush).
That gives you the starting point. You can try using Echo. You could also use Directional Blur or Directional Blur + Echo, then adjust opacity and blend modes to get the look you want. The trick is in the first step.
If you mean the distortion in the shot before this shot then it's just a lens distortion effect.