I am getting crisscross information and wanted to raise the issue here. I have read in some places the font size should be changed from the html element for example:
I'd suggest you to update directly the html {font-size: 16px} property instead of changing Bootstrap's $font-size-base, for several reasons:
html's font size will be directly used in calculating final font size. There's no benefit to use an "intermediary", that is, body that is being adjusted by Bootstrap's $font-size-base.
Bootstrap's SCSS system calculate heading size etc using $font-size-base, so all Bootstrap affected CSS rule will be affected, which includes body (set into $font-size-base$).
However, browser calculate any CSS font size rule in rem relative to html {font-size}, not from $font-size-base affected elements (like body).
Setting html {font-size} using px will affect any rem value, both inside and outside Bootstrap affected elements, if this is what you want to achieve.
Conversely, if you only want to set sizes for Bootstrap-affected-elements, do set the $font-size-base relative to html {font-size}, so CSS elements outside of Bootstrap will not be affected. But I'd say this is more of an edge case, instead of the norm.
Note:
If you're setting $font-size-base or any other Bootstrap variables, you don't have to modify variables.scss file. You should define variables before importing node_modules/bootstrap/scss/variables and other Bootstrap files, so your values got used instead of !default values set in Bootstrap. The advantages: no need to edit the whole variables.scss file.