> It's still a security risk. MITM happens regularly.
Then it's more or less as broken as alternative authentication methods
Nope. Because other methods never transmit a password in cleartext. (And they especially don't transmit it with every single request)
How do they manage this feat over unencrypted stateless http? Surely they must transmit something with every request?
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.