I think it's a little of both. Otherwise why wouldn't you hit a 12 against a 6? The dealer still has a 57% chance of making a hand and you only have a 31% chance of busting your hand by doing so. Yet if you do so you're bound to get an earful from others at the table. Basic strategy says to stand in this case because even though you only have a 31% chance of busting your hand, you're still more likely to lose the hand if you hit rather than stay, and by hitting you may very well take the dealers bust card, whether it's a high card or a low card.
Obviously the dealer busting is very important both in Basic Strategy and using indexes. No well informed person is going to criticize someone for making a proper play even when an improper play may have saved the table but will likely jump all over someone for making an improper play that takes the dealers bust card, or fails to take a card that causes a dealer to make a hand. And I think it should be obvious that Basic Strategy and indexes are based in no small part on playing certain hands in certain ways because the dealer is more likely to bust if they are played properly. So I think it is indeed a little of both.