Anecdata, but I believe most “basic” tickets on the big US airlines were paid for by someone other than the flyer. If an individual themselves were price sensitive, they’d fly a budget airline like say Spirit more than likely.
I've had a customer rep openly admit to me that they don't expect that anyone should ever actually fly this fare, and strongly discourage them for "satisfaction reasons".
Yet another weasely practice I found out the hard way recently was that some airlines rules (e.g. JetBlue) intentionally restrict it so that if one leg on a return ticket is Basic Economy, the other one must be too (even if it's priced $$ higher, as was in my case. It tooks me 2hrs of searches mysteriously failing when I tried to checkout ("Rule XXX does not allow this itinerary" and then it invalidates your entire flight search incl. seat assignments). Like the website couldn't tell you upfront. I called the support number and offered to show them a screenshot of the price difference and they didn't care. It was intentionally impossible to find the cheapest roundtrip price for my itinerary on their own website for any economy search, because their internal search engine typically shows the "cheapest economy fare" which will invariably tend to be basic economy for one segment; and of course this result is garbage if you have bags, which their engine doesn't even allow you specify. So you use a third-party OTE search engine.)
It's amazing the number of opaque anti-consumer practices the US airline industry gets away with.
The only legit use-case for a Basic Economy fare is a price-sensitive last-minute passenger who's 100% sure of their travel date(s)/one-way and has no luggage. Essentially what standby (or compassionate fares) used to be back in the 1990s, before the industry quietly killed those off.
I read somewhere that only 5% of seats sold on Delta are basic. I get it. It’s meant for people who are price sensitive. But aren’t those the ones who can least afford to lose money if something happens?