There's six ways to deal with other traffic on a shared path like a canal towpath.
1/ Ring bell
2 Don't ring bell
3/ Say a cheery hello and a thank you or other nice words
4/ Be grumpy and say something random, moaning about them and their dog not getting out of the way enough for your to move past safely
5/ Stay behind and wait until there's a nice safe place to pass or they or you can leave the path or they notice you
6/ Keep riding and squeezes past
No matter how you do it either in a singular or a combo of the option above you get :
People jumping out of their skins, walking into each other, if there 1+ on the path in front. (I have seen walk into themselves as in around in circles, trying to step out of their own way, in pure panic), while saying that you should have done the exact opposite to what you have done. Or something like telling you to use your <insert one or more of the above options from above>, when you have been doing that <said option, like a gentle "ping ... ... ping ... ... ping ... ... ping" for the last 100m> as you got closer and closer.
Where I have had best success, is when cycling towards someone, slowing down, sometimes even come to a stop and have said a cheery good day today to them. Though this isn't always a full on guarantee that they would not moan about what you have done, wrong side of the path, should have waited in the gab up 100m behind you, asking where my bell is or just walk straight into me.
For many I do think walking on a shared path,
especially a towpath, is like owning a BWM. To be able to use either you have to hand your brain in.
Though that said there;s a few who sees you in good time and make room even before you get your finger on the bell. But it is mostly the above.
And don't you dare to try to get a Strava record on a towpath in peak path use time, people walking on foot have right of way (even if it isn't in the rulz, it's just polite) That goes to bike riders and runners. There's plenty of users who can't get out of the way fast enough, old people, kids, people with dogs etc and since you are so close to water many users don't feel as safe and stable as you and your team trying to beat the ast KOM.
This should be a mantra
'Don't be a Dick' seems to be a hard guideline to follow for all sorts of folks on all sorts of transport.