I think that owning a magnificent instrument is an inspiration for any player. But i have played a LOT of basses over the last 30-odd years, and i can say with great certainty that if an inexpensive bass is
capable of being set up correctly, and you set it up perfectly with good strings on it, then
you can play it just as well as any 10,000 dollar bass.
(*This was not the story 20 or 30 years ago, but nowadays even 'hundred dollar' basses are coming out of their factories with level frets and functional truss rods!)
Obviously, an Essex P-bass is not capable of producing quite the same range of tones as an Alembic Series II... But i'm thinking more in the basic context of
playing the gig, that event where 'the bassist' has a certain PRIMARY function of locking in with 'the drummer' and creating the energy groove that pulls the whole song together! Once you tweak your bass and amp into a tone that works for your ears... then its really all up to YOU, isnt it? You are the one performing the ART, the instrument is just a tool!
I cant imagine that the "audience" will respect the bass player with a megadollar instrument unless the BAND was capable of doing the SONG justice. And unless you are a soloist, up there all alone singing and playing bass by yourself, then your instrument probably isnt going to be a big conversation point... (notwithstanding heavily costumed groups with a sci-fi or fantasy theme - then perhaps a strikingly designed bass guitar could be a vital stage prop)
I'm probably just old-fashioned, but i think that a musician's
self-respect is a lot more essential than the approval of friends, family, fans, and peers. Did YOU, (the bassist) perform to the best of your ability? If you are serious at all about your craft, you will care more about THAT than about what brand of sneakers (or bass guitar) you are wearing...