Another big thing to consider is that you don't have to worry about a cheap bass being stolen quite the same way as something that costs several thousand dollars. A crackhead might try pawning a $200 bass anyway, but it's less likely overall to be stolen than a high end instrument. Not feeling like you have to buy insurance to cover an expensive bass is nice.
Someone's already covered the damage worry factor.. I've never understood why anyone would buy an expensive bass to go play in your average smoky, crowded bar or lounge anyway. What the hell difference does it make? Take in a cheapie- if it gets stanky, dinged, scratched, spilled on, or knocked over- life doesn't come to an end suddenly.
The fit and finish quality of inexpensive basses is so much better than in decades past. And you can have more basses if you go less expensive, as long as you know how to set them up for good playability and maintain them properly. This gives a bassist a chance to own fretted and fretless, 4, 5, and 6, acoustic, different colors, and so on.
And I also agree on the snob factor. Ultimately, a boutique bass just gives you a certain look and sound. Set up a quality inexpensive bass for good playability and sound, learn and study to be the best bass musician you can be, and you are way ahead of the game of who's got the prettiest and priciest toys, i.e. "My bass is better than your bass, my bass is better than yours!"
