One of the most poignant lessons of tone I've ever gotten came from a guitarist whose axe of choice was a $99 Fender Squier. We both worked at a music store and it absolutely boggled my mind that with every instrument you could ever want available to you (and at a discount) that was what he played. Asked literally everyone in the store about it, and they all just kinda laughed and told me to see his band... was absolutely infuriating. When I finally got around to seeing him play live, I was blown away. That stupid thing sounded amazing! In the following weeks and months, I finally got the joke... he could do that with any guitar you put in his hands, but that was the one he liked.
The other lesson came from another guitarist who I had seen live and ended up wracking his brain about compressors, maximizers, eq, distortion and anything else under the sun for about 20 minutes... until finally he just kinda exasperatingly said "dude... my amp has one knob that makes the damn thing get louder or quieter" (which was true) and walked off.
After those two experiences I started looking at gear in an entirely different way. It is important in that it should complement the player, but not make or break them. No doubt some equipment combinations work better than others for a given play style or genre, but short of outright malfunction, dialing in tone and play style is every musician's birthright and social responsibility.
Basically, if you can't adjust the knobs and your play style to get at least a workable tone with whatever is put in front of you, then you're doing it wrong. Gotta use the ears and play from the inside out.