Yeah, I guess if cost is an important factor, trains are not available, and the airports are both sides are on the distant/large/inefficient side, then the bus could marginally make sense. That's not a combination of factors I've encountered in recent memory though (but I don't go to North America much), and it's so marginal that I think every time I'd go for the increased comfort of not being on a bus (no matter how "luxurious") for 12+ hours.
My argument is that there is no such thing as a 2-hour flight. We still need to factor the time to get to the airport, check-in/boarding, getting off the plane, waiting for luggage, and then getting from the airport to your actual destination. That easily transforms any trip into a 5- or 6-hour event.
Factor in that if you are flying to a place where you need a hotel to "sleep on your own bed", suddenly even a very luxurious night bus might come out ahead in price and practicality.
Granted, for an European context it makes a lot less sense to talk about intercity bus because we have a reasonably extensive rail network. But put your hate of buses aside for a moment and consider that buses can be better, so from a North American perspective it can make sense to consider it.