To adapt Godwin's Law, "As an L-canceling discussion grows longer, the probability of a comparison involving basketball or dribbling approaches 1."
L-canceling is not like dribbling. There is no mechanic in basketball that is analogous to L-canceling. I'm convinced that anyone making this comparison doesn't understand how dribbling works as a mechanic. Here's some reading for you.
Basketball is a
limited-contact sport. Allowing players to move while holding the ball would encourage players to make physical contact in order to gain possession (a willful violation of rules) and/or lead to degenerate play because there would be few reasons to risk letting go of the ball. That's a bad idea and a bad mechanic, so we won't allow it.
Let's say we have a simplified version of basketball with no dribbling. When you have the ball, you can either pass or shoot. Your teammates can run around evading opponents and trying to get better positions. The defender has the advantage of knowing that a player with the ball can't move and has limited options, but the player with the ball can mixup with fake shots or fake passes. Sounds fine in theory, but in practice the defender has too much advantage. If you're defending a player outside of the 3-point line, you can assume they will pass and ignore any attempt at shots because they're probably not going to make it. If you're defending close to the basket, you can assume they will shoot because it's so hard to get that close within the shot clock timer. Depth only exists in the mid-range where players could pass or shoot 50/50.
We need a way to balance out the defender's advantage. The simplest solution would be to let players move around so the defense can't optimize on the offense's options. But as shown above, we can't let players move while holding the ball. The solution? Let players move without holding the ball. And thus, we have dribbling.
Now that we've added the dribbling mechanic, let's look at how it affects the game. At any time, a player can either pass, shoot, or dribble (excluding the double-dribble). Outside the 3-point line, defenders have to deal with both passing and dribbling at 50/50. Closer to the basket, the offense can escape pressure more easily (but not much more easily, it's tough to dribble when it's crowded). I don't play basketball anymore, but I'd say there's a slight advantage to the offense without being degenerate.
Dribbling in itself allows for several variations. You can alter the height at which you dribble, you can alter the timing, you can crossover to change sides. You can "spend" your dribble to gain an extra step by dribbling once at low height then catching the ball with both hands to prevent interception. You have to know how far ahead to bounce the ball in order to dribble while running. You can dribble while backing into a defender to advance without giving them a chance to steal. You can dribble into a bounce pass to give defenders less time to react. But every time a player dribbles, they have a chance to mess up and a good defender will capitalize on that mistake. This rarely happens in the NBA (and even in the NCAA), but is much more common in high school or youth club basketball.
(This is the bit where people draw the comparison with L-canceling. As you can see, you have to remove a lot of context to make the comparison work.)
New plays and strategies emerge with dribbling. A defender who is quick enough to steal the ball can make a mad dash for the opponent's basket, but only if he's good at dribbling while running fast. A player who notices a move to steal can either pick up the ball to prevent the turnover and lose the ability to move, or they can risk a crossover dribble to the other side and take advantage of the defensive whiff. A defender can be evaded by teammates setting up a standing screen while another player dribbles around them (the "pick and roll"). There's strategy in deciding when to stop dribbling. If a player stops dribbling in a bad location, the defense has a good chance of taking possession, but a player can still receive a pass in that same location and be safe since they can dribble out of it. In short, a player's ability to gain an advantage is dependent on both their ability to dribble consistently and their knowledge on when to use/not use it.
^ This is depth. Read it over and over again until you get it. Complexity is added with the addition of rules. Depth is achieved when the addition of rules or mechanics leads to multiple, non-optimal, non-degenerate game states (more or less, I'm paraphrasing here). The higher the depth-complexity ratio, the better (that is, the most depth with the least complexity).
You can't remove dribbling from basketball without ripping out half the game. You
can remove L-canceling with minimal impact on Project M.
Fun fact: Dribbling was never specified in the original rules of basketball. The game was played for 6 years without it before Yale "invented" the technique. For various reasons there were movements to ban dribbling, but players and coaches defended it and it stuck. Honestly, dribbling is more like wavedashing than L-canceling.