Fender basses remind me of Harley-Davidson motorcycles. A huge amount of the appeal is the history, the community, and the lifestyle. It's not that Fenders are "bad" basses, anymore than Harleys are "bad" motorcycles.
Both have experienced significant QC issues, and yet have not lost their fan base or suffered huge sales losses.
Both are utterly out-classed in terms of technical innovation by their competitors.
Both have tried to "modernize" (Fender with pre-amps and 5-strings, Harley with the V-Rod), with questionable results at best (Fender pre-amps are widely disdained for sounding awful and their B strings are miserable, and V-Rods adorn the showroom floors of Harley dealers everywhere while people wait months or years for a Fat Boy).
And yet for many players and many riders, the allure of tradition and familiarity and "vibe" supercede other considerations. There's no right or wrong about it; it's just what it is... personal preference.
For the record, I don't get Fender basses or Harley-Davidson motorcycles. I like a super-high-quality 5-string with an articulate B string and a killer three-band active eq, and I like a motorcycle that revs to 15k RPM, pulls 70 mph in first gear and leaks not a drop of oil.
But that's just me!