I agree with you. I've posted my thoughts on this a couple of times in recent weeks. I think there are 4 Big Ten programs whose actions, or lack thereof, indicate that they don't care that much about basketball: Penn State, Nebraska, Northwestern, and Minnesota. The first three of these have never had more than an occasional successful year in the sport since they've been in the Big Ten. PSU hired a coach of similar stature to ours. Their prior coach had 3 winning years in 9 seasons; the reasons given for his dismissal were conduct rather than performance related. Nebraska hired a name coach but they would have fired him by now if he produced this type of record as the football coach. Northwestern is having a good season this year but 7 of Collins' previous 9 seasons have been losing; he would have been fired by now if his teams performed this way in football. As others have mentioned, these four schools still reap the benefits of conference TV money and that may be enough for them right now.
I think this university cares about maintaining its level of success in football and it cares about maintaining its status in hockey. Hockey attracts far more fans here than it does in most states and provides the additional benefits of significant in-state competition and rivalries.
So what do we do as Gopher basketball fans? I guess that depends upon each individual's attitude. I still enjoy watching them to a degree (maybe that's habit more than anything else) although I've mostly stopped caring about whether they win or not. I guess I don't mind being a fan of a bad team. Someone's got to do it. If one enjoys going against the crowd, it's a natural fit!