I think what's happened is that the electric guitar evolved from an acoustic instrument that depended purely on the body/neck material for its tone, and a myth evolved that electric guitars depend just as much on the wood...but the wood may be the least important element of an electric guitar...
Wood is certainly less important to the electric sound than intonation, tuning, pickups, working electrics, action... I'm beginning to believe that wood and body shape only play a part in the physical feel, shape, balance, weight and look of a guitar... (all important considerations when buying a guitar but not in terms of tone).
I think the lack of published research to date is shocking when you think about it...After almost a century of electric guitars, no one has proved beyond doubt that the wood makes a significant difference to tone, and instead the topic is left to speculation on a pickup forum...after almost 100 years of design and research, we are left putting forward personal impact statements.
Why dont Gibson/Fender have a page that shows "click here for mahogany tone with X pickup" "click here for basswood tone with X pickup"? etc... Pickup manufacturers like BK are able to produce distinguishable sound clips.
Taking out all speculation, we have zero evidence that wood makes a difference to tone of an electric guitar, just allot of people believing in the wood god.
I think buying a guitar is like buying a piece of art that also serves a practical function, and we tell ourselves that somehow the beauty of the instrument transcends the more modern elements.
I disagree hugely - the wood makes a big difference, but so does the hardware, the pickups, string gauge and type, scale length, construction style etc.
Acoustically guitars are a SUBTRACTIVE instrument
The wood absorbs part of the frequency spectrum based on it's own resonant characteristics.
What is left after the wood takes certain frequencies out is what you get to hear
Two pieces of the same species of wood can react differently, so it is hard to exactly say wood A will always sound like this and wood B will sound like that
Of course the hardware can play a part in that through it's own inefficiency too.
This is what many players call the character of the guitar, and the choice of pickup can be made that will add to the frequency filtering to give the desired effect
Carbon fibre guitars like the Steinberger tend to not cancel many frequencies as the resonant frequency of the composite is outside the audible range.
This means that you get to hear the full frequency range of the strings, with much less subtracted from the original sound.
A combination of that and the use of the original EMG - H humbucker which sounded more like a wide frequency response single coil resulted in a sound that some players referred to as sterile (whilst a more accurate term was probably uncoloured)
To say that the wood plays no part is a real wrong step, but I agree that a lot of other factors play their part too.