I think it’s fair to say that basic science in general is underfunded and adding to that academic overhead is absurd.
That said, it’s useful to clarify some definitions in there. Basic science is anything but basic, it’s “pure research”, or projects that aim to better understand some principle and/or phenomenon (a relevant example would be the mechanisms behind superconductors).
That and the academic overhead I’m referencing is the cut that a university takes of grant awards. Most of the departments I’ve been around take 50% of the grant award, so if you need $100,000 to complete a project, you have to ask for 200 grand (or more if you want to be paid the whole year rather than just 9 months). Now a lot of this is driven by an outrageous number of administrators with insulting salaries for what they provide (does the vice president of insert some nebulous term here really provide 300 grand worth of contributions to a university, especially so when they set the salary of teaching faculty down around 40~50K and expect applicants with PhDs and years of experience).
So what ends up happening is that researchers tag buzzwords and trendy bells and whistles onto research projects that really don’t need them just to have a single digit percent chance at getting the finding to make them happen. Oh and if they don’t beat the odds, they are shown the door in 5 years. Academia really needs a shakeup.