I believe you. But until I can hear a demonstration of it, preferably with a good bass player who knows what they're doing and who's a patient instructor, I don't know what I'm missing. Hence, I'm not missing it.
Demos are useless for compressors. You have to play through them to feel and hear what they do.
Compressors simply reduce how much your volume does or can swing.
On bass, they can be used to: even out volume across strings and registers on the fretboard, curtail excessively spiky peaks, boost wimpy notes from dead spots, present a robust and more consistent signal to pedals that are dependent on dynamics (like envelope filters, which might be hard to trigger and/or control), keep a consistent volume between plucked and slapped/popped notes.
On guitar they can even out volume and attack between single notes, arpeggios, doublestops and strummed chords when using a clean tone. Any level of dirt, from boost to fuzz, adds compression, as do tube amps as the tubes are cooked. Country players have used intense compression to add sustain to notes and chords as a very audible effect.
In the studio compression is used on everything to ensure instruments stay in their lane, volume-wise, and every note is audible. Reducing the transient, i.e. the sharp and loud attack of a note, results in the note being fatter, which is an effect of compression on bass and drums.
As with everything, how you set an effect is crucial.
Having said that, ignorance can be bliss. Stay away from this and other gear forums
