The *only* thing BMC has going for it is the price point that goes with volume.
Anyway, that's how I see it.
BMC beer is familiar, consistent, and you can get it anywhere. Went to an out of town wedding. They served local craft beer at the reception. I tried each of the varieties in sequence. Wit, pale ale, and I forget what else. They were bad. Set them down to the side and had a cold Bud. Sadly, it was the best of the bunch. But I knew what it was and although I was disappointed to be drinking it the Bud itself did not disappoint. It was exactly the same as every other one I've had in my life. I think that has a lot of value for a lot of people.
But, I also agree that there is room for good local breweries and that the good ones will survive. To the extent there's a "bubble" it's people thinking they can open a micro-brewery and make a quick buck selling mediocre beer. Those people by and large will fail.