Based on the economics it might seem that basic income sounds like a great idea. The only problem is that it isn't really a question of economics. It's more about politics. And though there have certainly been people who have come out in favor of basic income, mainstream parties have been more cautious.
And even if they were in favor, there would still be a large problem with such a big overhaul to the welfare system. And that is the fragmentation of modern politics. Just when such an idea might be interesting in theory, there are very few parties in power who actually have the power to execute such an idea. Most are barely hanging on to their slim majorities.
Of course, this may change. It is entirely possible the idea will eventually be embraced and even carry a party to power. Already, some smaller countries are flirting with the idea. And if their attempts work then that might serve as a template for the bigger countries.
So, chances are, basic income isn't a complete pipe dream. But will we see it happen during our lifetime? That's something that we can be a lot less sure about.