The primary reason to use React is that it's an easy API for working within the stateful component paradigm, and goes the extra mile in protecting you from state-related bugs. It still has value even if you drop the stateful part, it's not unheard of to build completely static or server-rendered websites with React without any client-side JavaScript.
There are performance penalties when it comes to the initial page load, you tend to win it back when it comes to subsequent user activities. Whether it's worth the trade-off is dependent on your use case. There are also downsides to progressive enhancement, an obvious one is that if your enhanced JS version changes appearance/layout in a noticeable way, you could end up making the website feel slower even though it's technically usable sooner. In addition, what happens to any existing interactions with the non-enhanced UI after the enhanced version suddenly appears?
The fact is, you just have to decide what's important. I do agree that not enough developers are giving real-world accessibility and performance enough consideration. But I'm less convinced that there's a way to approach these needs that is superior in all circumstances.