I dunno. "Does it have any basis in reality" sounds somewhat bizarre. Think of points in the board game Settlers of Catan (or choose your favourite): do they have any "basis in reality"? In some ways yes, in most ways no; and in any case there is something seriously wrong with the person who sees the points in the game as belonging to the material world, rather than belonging to a social field of interactions. Religions are about authentic living, meaningfulness, mindfulness, and reminding yourself with ritual of that which is most important. They are about experience for its own sake, especially experience which invokes the Other. I understand the temptation to reify Otherness in the supernatural and/or look for it in the material; in that sense I agree that some religions strive to have a basis in reality. I would not characterize it as a universal trend or a universally applicable question: just to take the three Abrahamic religions, it applies extremely well to Christianity, only imperfectly to Islam, and extremely poorly to modern Judaism.

If I knew a way to help people feel whole which was not religious, I would pursue that instead. The world does not need a new religion; it needs more authentic interaction, more Real People if you like. But questions of meaning and completeness and fulfilment seem to be deeply religious, which is why I sit down every night to meditate and/or write for an hour.