For me, a preamp in pedal form or otherwise is a tone shaper/boost (if needed)/DI (if there is one in there which in a lot of preamp pedals there is nowadays)/possibly to dirty up your tone a bit/and various other things depending on the preamp.
I remember when I saw the Tech 21 BDDI in a
Musicians Friend catalogue the first year I was playing. I thought it was a dist pedal the way they described it. I wish I had found TB back then. I got one and was sorely disappointed because it wasnt a dist pedal. It was a preamp. It took me a few months to figure out just exactly what it did. For what it is, its a great pedal IMO. Its a little limited on the tones you can get out of it IMO, but it does what it does very well.
A preamp to me is just another tool to help you shape your tone or try and get closer to the tone you hear in your head. I got a Darkglass B7K almost two years ago and I absolutely love it. I will most likely never sell that pedal. To me having a preamp(s) on my board is a critical part to my setup. I have, technically, 4 of them on my board, the B7K, Rusty Box, DOD Preamp/OD 250 reissue and the John K Submarine. They all serve their own purpose and they all work together in unison to accomplish one thing, my wanted tone. Ive owned the BDDI and the VT. While those are great pedals they were not the sound I was going for. Preamps can also emulate certain amp models. Like the VT/BDDI is to Ampeg, the Tech 21 Blondie is to Fender (I think), the Leeds is to Vox (I think), the Rusty Box is to Traynor..... So in most cases if you cant afford to buy a whole ampeg/fender/traynor amp, you can get pretty close with one of these preamps. Its pretty cool actually. Im a total preamp whore if you couldn't see that by now

I love preamps and I wouldnt play without them at this point in my bass playing career. They allow for more brushes to paint your canvas with.