I have wondered why this type of playing hasn't found its way into a band situation as a standalone instrument. Maybe as a repalcement for the keyboard or a second guitar. This would be in addition to the actual instrument that holds down the bass line in a groove. Jack Bruce in the early days of Cream esentially did that: playing six string baritone guitars ... even on the EB-3 he used the bridge pickup and overdrive, not really a traditional "Bass" role at the time.
To all of the non-traditionalist who yearn to take the ERB instrument to the next level, this non traditional approach may be the way. A band line up of Guitar, ERB, Bass and Drums playing all types of music even covers.
It would take two things though the Bassist working within their role, and the ERBist actually learning to play within the band context and shedding the self indugent aspect of their playing. The guitarist would need to understand the ERBist role too as being an instrument with a keyboard like range and solo ability.

... But could they all get along and coexist without the ego clash factor?