And either way, the Democrats don't tend to nominate someone who was a loser in a previous primary season, even if they seem popular later. They tend to elect up-and-comers, and do it a lot more than the Republicans do.
None of the Democratic primary campaigns from modern history feature a candidate who would be analogous to Hillary Clinton in 2016 though. When have they ever had a candidate run who had favorability numbers like this when the campaign started? When have they had a candidate run who lost the most recent competitive primary race by such a narrow margin? Closest analogy would be Gary Hart running in 1988 after his close loss in 1984. And Hart probably would have won the '88 nomination if not for his affair.
So yeah, it's possible that Clinton decides that she really means it about retiring from politics. But if she does run, she'd be hella* tough to stop.
If she doesn't run, and Biden does, then I guess he starts out leading super-early polls like this, and thus the media would call him the "frontrunner". But I think his popularity would prove to be more soft (though not as soft as Lieberman's support in the early polls from the 2004 race), and he'd probably end up being overtaken by someone else.
*Gratuitous Eric Cartmanism.