The flipside of this is that if it's all just a case of dosing according to intake and basal flow, you shouldn't ever have high blood sugar either and we'd all have A1cs of less than 5.5.
The problem is that the insulins we use are extremely imperfect tools that don't adequately replace what our body needs.
In the first instance, there are actually 3 hormones that T1s don't produce because of islet cell destruction - amylin, c-peptide and insulin. Modern diabetes treatment only replaces insulin. Amylin has a role in modulating metabolism to prevent blood sugar spikes and stop you feeling hungry. C-peptide is believed to have an important role in vascular health. Whether any of these also have a further role to play in hypoglycaemia is unclear, but suffice to say, it should be obvious right from the get-go that we're patching up the equivalent of a massive mechanical failure with nothing but gaffer tape.
Secondly, the insulins we use aren't very good. Your bolus insulin has a specific action profile, that also varies according to when and where you inject. Unfortunately, your food doesn't digest in exact accordance with that action profile. In fact, the more cynical of us would suggest that the action profile of any bolus insulin doesn't match any meal known to man. And then of course, the digestion profile of your meal will vary according to any number of variables, whereas your dosing only involves two - your ratio, and the carb quantity.
It's even worse with basal insulins. Lantus and Levemir were celebrated because they don't have a peak action period. Unfortunately, your liver often does. It also has quieter times. Your basal glucose action can be dramatically altered simply by having a drink or running for a bit - whereas you're stuck with an insulin you can only alter every 12 hours at best.
If insulins matched your meal perfectly under all circumstances, then yes, you're right, you shouldn't have severe hypos. But they don't. Insulin injections are simply an imperfect solution that you have to make the best of, with a high margin of error.