Yeah, the EB Bongo is made of basswood... and I would say it's a pretty decent ax. And I would definitely say that basswood is one of the crappier kinds of wood that is commonly used for basses.
As for me, I'm about to get an Alder body bass with a Maple fingerboard. I foresee this being a great combination of snappy and bright from the maple with a hint of warmth from the alder.
The absolutely best bass I've ever played is basswood.
. And I would definitely say that basswood is one of the crappier kinds of wood that is commonly used for basses. 
