Yeah, I know, and I think the reason the debate is so long lived is because you'd probably have to have the same bass for a VERY long time and do this pretty regularly for the "problem" to happen, and I think we all just flip basses too fast for that. The problem is, the oil is actually too thin, so it actually leaches the natural oils from the wood over time, rather than simply protecting the wood and the oils it already has.
Depending on the wood and the environment, I suppose this could take many years to have a problem be noticeable, and it would probably mostly manifest itself as a case where you just feel the need to use oil more often.
Bottom line is, it makes enough sense to me that I'm not going to risk it when totally non-controversial solutions are just as readily available.