White bread is not devoid of nutritional value, because it is the cheapest source of proteins known to mankind. Legumes like lentils, beans or peas have a cost per protein content at least 2 to 2.5 times higher than wheat flour. Chicken meat and plant protein isolates have a cost per protein content at least 4 to 5 times higher than wheat flour.
White bread is also one of the cheapest sources of energy, though depending on the geographical location either maize or rice may be slightly cheaper sources of energy, but which provide much less protein.
Among cereal products, wheat bread has the highest protein content, except for oats, but oats are much more expensive per protein content.
If you eat white bread in preference to any other starchy products, like those based on rice, maize or potatoes, this ensures a higher protein intake per a given calories content, which enables a lower consumption of more expensive sources of proteins, like those based on legumes or on meat.
White bread cannot be the only food that one eats, because other kinds of foods must provide other nutrients, but it can provide at a minimum cost major fractions of the daily intake of proteins and energy.
After experimenting with many different healthy diets, I have settled on a variant that I consider optimal, where wheat bread that I bake myself at home typically provides about a third of my daily protein intake, so its nutritional value is quite important (and the fact that it is very tasty is a welcome bonus).
Does whole wheat bread made from the same grain not have the same protein, or does removing all that fiber, flavour, and micronutrients somehow enhance the protein content and render it less expensive?
While the macro discussion is very interesting you are completely leaving out any mention of micros.
The wheat we eat was bred specifically to grow without nutrients.
- White bread is not devoid of nutritional value
But it is processed food, which means it has indeed lost some nutritional value. Moreover, the way white flour is processed by our body is different from the way wheat or oats is - in very simplistic terms, the reduction of fibre content in white flour means that when it is consumed and processed, glucose / sugar from it is released very quickly into our body. Our body can handle that, once in a while. But repeated sugar spikes (and falls) isn't good for the health. And that is why doctors today (especially in India) advise you to eschew white flour in favour of others (wheat, oats, millets etc.). But yeah, the way you consume it, with other foods, matters too (and from your other comment, it does appear you follow a reasonably good diet, with a healthy outlook - without unduly obsessing over it).