As one who has said "hey, its basic"...lets go back to when dinasours walked the earth, and were in the monster manual...
Holmes Basic (the first one): An introduction to both original D&D and the coming AD&D. Supposed to be compatible.
Moldvay & Mentzer basic (e.g. the red box(es)): The first part of a "new" game. There are various reasons B/X became a "new" game--including Dave Arneson's law suit--and there are certainly differences, but there was also enough compatibility in products that people would use stuff from B/X with AD&D and vice versa.
Time passes...
Essentials are anounced.
Why is this like "basic", becuase it comes in a box, is aimed at newbys, and is the basis for a free standing set of products that you don't need, and never need, the PHB, DMG, or MM for. Why is still sort of like basic, becuase you can use with the other D&D in print at the same time. But no, its not exactly like basic. Presumably you can make an elf cleric.