As much as I hate over governing and most of what the OP said makes me want to do a Robert Downey Jr eye roll (look up the gif if you don't already know it) there is some merit to a minimum standard action by the DOT and corresponding government bodies to prevent airlines from going full capitalist monster. Basic Economy isn't necessarily a bad thing. It's a deep discount product with very limited options and many restrictions. If it doesn't fit for you don't buy it.

I personally avoid flying certain airlines and certain aircraft because of passenger comfort. Think Spirit airlines and the CRJ-200 as examples of what I am speaking.

But, having a minimum service standard of seat pitch & width, a carry-on item with dimensions that can't be mistaken for a checked bag and access to "unlimited" water isn't a bad idea. Legislating that they must provide me with a choice of each a ginger ale, a cola, a diet cola, 1 whiskey, 1 whisky, 1 vodka and one light beer is a waste of time, is offensive to free markets and will only be met with lots of lobbying against it.