Iota is still defined in terms of S and K. More technically, Iota is an "improper" combinator (see pg. 779 in [1]). Therefore, you can't axiomize Iota, so it would be hard to argue that it's more "fundamental" than S and K.
> A single point basis [...] is not in itself a combinator.
> A combinator [...] must have all lambdas in leading position.
What's your opinion on:
ωabcd = bd(cd) if a has no normal form[0][1]
or = c if b has no normal form
or = d if c has no normal form
or = dd otherwise
where
SII = ωωωω
Ω = SII(SII) = ωωωω(ωωωω)
S = ωΩ = ω(ωωωω(ωωωω))
K = ωωΩ = ωω(ωωωω(ωωωω))
I = ωωωΩ = ωωω(ωωωω(ωωωω))
as a single-'combinator' basis?
0: Aka, does not halt.
1: Evaluation diverges if a (or b or c, if queried) is somthing like:
[1] https://books.google.com/books?id=1xEVkzuX5e0C&pg=PA779&lpg=...