SF<->LA is the busiest air traffic corridor in the world. SFO, OAK, SJC, LAX nor BUR can handle the uptick in travelers expected over the next thirty years caused by population expansion without new infrastructure. Without it, there will not only be a economic potential loss caused by population immobility, but an absolute economic loss due to stressing of already overloaded freeways around the airports and losing employers to places with better served airports.
It takes roughly 9 hours to travel by bus between SF and LA and that’s with today’s traffic congestion. It is absolutely ridiculous to expect the expected 260,000 people a day in new travelers to take buses. Instead they’ll either pay through the nose for limited flights or drive (which will further stress the roads).
Finally, as much as people like to think the CA HSR connects podunk little towns in the middle of California for no reason, it actually is going to connect some rather large ones. Fresno has half a million people, the urbanized area of Palmdale has about half a million people. Even the Bakersfield MSA has 800,000 people in it. Only two stations actually planned connect to small towns (Gilroy - because Caltrain already connected there and San Fernando - because Metrolink connected there).
One way or another, we will upgrade or install new high speed transport options. If it isn’t rail, it will be air.