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I don't think you understand what "dominating" means. The guy with $40 left most certainly does not dominate you here with his range. You are only slightly behind an overpair here usually, sometimes even ahead.

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Even if you are not dominated by the BB, there's a pretty good possibility that someone with 55 is waiting for the RRer PF to bet the flop, or UTG with his far better hand will stick around or something. If it were just the BB then an argument can be made for putting him all in if you don't mind coming from far behind, but he's got other players to worry about.

I would still take the free card, as nitty as I am.