Since OAuth 2.0 was developed in the time of a growing API market, most of the use cases for API keys and Basic Authentication have already been considered within the protocol. It’s safe to say that it beats the competition on all accounts. For small, specific use cases, it might be ok to use API keys or Basic Authentication, but anyone building systems that plan to grow should be looking into a token-based architecture such as the Neo Security Architecture.
https://nordicapis.com/the-difference-between-http-auth-api-keys-and-oauth/