Personally, I believe it could work - if managed properly (which would not be simple - but what is simple in a complex world?)
I also believe it is not going to happen any time soon, and for a whole different reason.
I think somebody (a Latin author? maybe Horatio?) once said, "I do not love money, but it makes me feel safe."
An universal basic income, to some extent, would make people feel less afraid.
And that would be unfortunate, because so many structures of our civilization are built on fear. (I am sure anyone here could make some example of this.) And significantly reducing the amount of fear in most people's lives would have a dramatic disestablishing effect. So... it is not going to happen any time soon.
However, we tend to forget that civilizations are intrinsically transient - they have been rising and falling for the last 12000 years at least - and this one is not looking good. (My personal opinion - and I may be wrong - is that we jumped the shark sometimes between the 70s and the 80s of last century.) So it is possible that a future civilization, built on different premises, will make it work for good... (The heck, in a few centuries historians will look back to this time of history, and wonder what in hell we were sniffing, smoking, or assuming by any other means!)