So then at face value it is not acting like or really competing with ULCCs/LCCs. It’s trying to get a little extra spare change out of, what would have been, an otherwise empty seat. TED was a true direct competition to the LCCs and that didn’t last long.

That's one component of Basic Economy.
I recommend you discuss the impact to yields of skimming off another airline's last few customers that are usually in the airline's top fare bucket with someone who works in your company's yield management department.

Ukraine bump for my LCC homies.