I wasn't knocking the wood so much as it seems I did, but the quality of basswood is inconsistent. I've heard played basswood basses with great tone and some with sub par tone. Though, I do admit, I would have to trust Musicman is keeping the quality.
I have some interesting theories about what's going on here, partially fed by some pretty insider information on how factories that actually use wood for products work (although instruments need to take acoustics into the account which makes them different).
One of the actual good reasons for EBMM prices actually is that they really do keep the wood consistent. The same goes for Ibanez JEMs and pretty much all high end guitars and bass guitars that use basswood. The only mass produced high end guitars I'd actually honestly doubt are Gibsons but that's another can of worms.
Then again, there's not only one type of basswood, just like there's not just one type of maple, alder or ash, so that's another thing to keep in mind.
Generally, the subar blanks (even if originally intended for higher tier models) will usually end up on lower tier models. Not sure what EBMM does with them, but I am pretty sure Ibanez uses subpar wood from higher tier models on lower tier models, just like sunburst and natural models always require a prettier grain than solid color finishes, or wood that's getting a maple top. This would explain why Ibanez makes a version of GSR200 and GSR205 with oddly expensive looking wood, maybe it just did not make the cut into their higher tier models, then Japanese efficiency took over and they decided to still use the wood but in lower tier models.
Some manufacturers also use heat treated basswood which produces some really interesting results. But the general rule is that the more expensive the guitar the greater likelihood some wood selection has been going on (except Gibson).