My guess on the reason why is two-fold. First, we've been telling people that Basic Auth is a terrible thing only stupid people would use for more than two decades now, and once a lesson like that gets hammered deep enough into the mass consciousness it tends to stay there even long after the underlying facts have changed. And second, using Basic Auth means giving up any possibility of styling/designing your login experience and relying instead on the browser's built-in dialogs, which tend to be clunky and ugly in the extreme.
For further risks, see e.g. https://security.stackexchange.com/questions/988/is-basic-au...
Yes, it's simple. And you're trading off security for simplicity. Make that choice, maybe, for your Intranet or your small blog. Commercial sites that have stored PII really, REALLY shouldn't.
Then it's more or less as broken as alternative authentication methods
> Wait. That's actually the opposite of great. That's why nobody uses it any more.
Unless of course, if you're using HTTPS, in which case HTTP basic auth is fine and very simple to configure for many use cases.