You know, you bring up an interesting question. When I started playing bass in the late fifties I think I was the only electric bass player in my town of Mill Valley near San Francisco. Now there are probably hundreds or even thousands. The Fender P-bass hadn't even been out that long, and I remember the first bass method books all showed picks and pick techniques. It might be that they thought of the instrument more like a guitar in those early days. In fact, I think I started playing bass on my mom's Stratocaster, then I went to upright bass in school, and finally to the P-Bass. I think there are pros and cons to using a pick. You are right that you can do more with fingers, but then again, there are things that I can do with a pick that guys can't do with their fingers. So, I just kind of developed my own style. In a perfect world, probably a guy would learn all the techniques... playing with pick and all of the various finger techniques as well. I just happened to have gotten used to playing with a pick, so I stuck with it. I used to like the sound of fingers a lot better... until I started using active electronics in my bass. Now I can get the mid range punch I was missing. Picks can sound a bit "hollow". Then again, some people hire me because they think I have a "cleaner" sound than a lot of other guys, so that's exactly why I get certain gigs. I think it all depends on what you're going for. If I was teaching bass I'd probably teach finger style. Then too, some of the best bass players around play with their thumb... and not just for slapping.
You know, years ago I went to a jam with "Tower of Power". They had invited a bunch of us down and when I got there, there were about a dozen bass players all lined up thinking they were going to outdo Rocco. I decided to pass on that. See, by the time they learned what he was doing, he would be on to something else and they'd still be trying to copy the next guy! I realized I was an oddball with a pick, but Rocco gave me the ultimate compliment once when he said I was one of HIS influences. That, from a guy who set a whole style of playing. I was greatly humbled, to say the least. My point is, learn as much as you can from as many people as you can, but then settle on your own style and be happy with it. Ultimately, it's not so much about chops or techniques as it is having something to say, and something of your own to contribute.
Anyway, that's my two cents worth! What do I know? Above all, have fun! Life is short. If you can have some fun and spread a little joy through music, that's about all any of us can do. The fame and fortune is nice, but in the long run we're all just one big brotherhood of musicians trying to have some fun and pay the rent! My advice would be not to get too caught up in the competitions. Play because you love it! Everything else is just a fleeting moment. Here today... Gone tomorrow. Best wishes to you!
Holy Crow