Exactly why i am so confused over them and why just reading other threads about them is just confusing as you see so many different descriptions of what they do and how to use them.
Just for context, I've been playing locally with what I call "hobby bands" for 20-25 years, but I'm not a seasoned pro who has done general business band work, toured with an artist, or anything else like that. I've also only played live shows and not done any studio work where the demands are apparently quite different based on what I've gathered from our pals here.
Lately I've been doing classic rock and dance covers with my current band, I don't use IEM's (nor does anybody else in this group), and I've recently switched from putting all my sound into a space at our gigs using only my stage rig to turning my amp down a little bit and running some of my sound through our PA. Doing this reduces our stage volume, but overall the band still needs more work with that.
I completely respect our pals here who put compression to very good use. There's a lot of comp talk around here and I think that this can give the impression that comp's are among the basics that every bass cat ought to have on hand. I even have a rather nice Aguilar TLC that I experiment with here and there, but I'll admit that I don't use it for gigs. I've only noodled with it off and on, but I haven't run across a setup where I found a significant "want" for it in my signal chain. I'll also admit that I don't do much of any slapping at our gigs, but I'd certainly be wanting to use this TLC at least here and there if I did.
Comps don't all function exactly the same in terms of the specific frequencies that they more readily attenuate when they engage and some can also color our sound. I didn't really know about this when I was experimenting with one or another cheap 'n crummy comp in the past, but then when I tried the Aguilar, I had a true a-HA!! moment. I realized how nice it was to have a much more "transparent" comp that left my tone alone.
My suspicion is that I might get better results using my comp with only certain instruments. I have a custom passive P/J that has an inherently aggressive and mid-forward tone without a big beefy fundamental that I usually like to hear. When I run that bass through my comp, I can thicken up the tone a little bit because those heavy mids are the frequencies that are more readily trimmed through the TLC. With the frequencies a bit more leveled out (TLC active), I hear a little more of the thicker low end when it isn't getting obscured by the honk of those mids. Subtle but rather nice for that specific bass. My other two (passive Jazz and an active bass with two humbuckers) don't need any similar "thickening".
Although I don't have any pressing need or want for a comp in my signal chain for the shows I do now, the gizmo that has become relatively essential for me has been a High Pass Filter (HPF). When I play in a venue where low frequencies can become very unruly as soon as I turn up a little bit, an HPF can be magical in terms of getting that boomy muddiness under control with very little fuss.
So at least for me, it's HPF for live material and I'll keep my comp handy in case somebody wants me to do some recording where I'd bet it could easily be useful for me. Compared with some effects like fuzz, envelope filters, chorus, etc. that are VERY out there with the sounds they do, compressors seem to have their own individual subtleties. I've needed to go the buy-it-to-try-it route to get to know a couple of them and after a lot of years of tweaking here and there, my classroom is still open. In case you're worried that you may need one at this point, I'd say you probably don't. But if you want to grab one and take some time getting to know it, that's great.