all of this is related to compression ratio, timing and dwell, and fuel quality and octane
many objectives and of course needs to be dumbed down to a simple formula so the consumer can handle it
higher compression engines knock with low octane, newer engines are designed to handle lower octane
the cars I own/drive could barely function with regular gas so for me its not an option, but these are higher performance engines
issues include carbon build up, knock (which is an unregulated combustion in the cylinder such as a compression ignition pre spark ignition) fuel economy, acceleration performance, high end torque
I have found from experience when towing my boat that in a regular car or van it pays to mix half premium half regular for normal driving city or highway, when heading over mountain passes or hill climbing I go premium and the fuel economy in dollars per mile or km is way better.
Also found for highway driving I got more miles per tank of gas with premium so if you are stretching it in terms of going between gas stops such as night time driving when some of the smaller town stations are closed, the extended mileage pays off. (such as Oregon where by law gas stations are closed after a certain time)
As normal, people try and find a one solution fits all in a world where that is seldom the case.
For many new car owners with normal needs, I would agree in many cases premium might be a waste.