And Nathan East, Paul McCartney, Anthony Jackson, Robert Trujillo, Stanley Clarke, Flea,
I am a pro. There is no single correct way to play electric bass. That is silly. I'm not surprised that someone here would think that and worse, try to pass it off as fact.
You don't have to get the most anything done with the least amount of effort. That is an option. To think it's the only way to accomplish something is silly. But you seem stuck on this for likely obvious reasons.
Watch pros who don't adhere to your rules and get a clue as to the automatic detriment you seem to think is unavoidable. This siliness about getting the "most" anything is telling. No extreme is mandatory when playing the bass. You don't have to use the most or least effort, etc. to get desirable results... it pushing some into obsessing over how they're playing instead of what they're playing. I've sat with players IRL who strive to play practically over the fret, watch me and ask me why I don't. I ask how is my tone. If there's no problem, what would I be fixing by fretting like they do?
Nothing
James Jameson played with high action and one plucking finger. Care to put your results up against his? From what I recall Will Lee prefers high action. I hate it. So Will is wrong for not using the least amount of effort? That's how nonsensical some of this is and I'd bet physics won't co-sign on your position.
With the way I set up my basses (I personally set up my basses), they do not require the amount of force most bassists use to fret. I don't have to press the string hard enough to push it out of tune. Your inability to even consider the possibility that your way is not the only way, considering that you teach... hopefully your students have open enough minds to figure some things out for themselves. Because your rigidity is limiting IMO IME.
Google that.
This reminds me of when someone posted an isolated Chris Squire track and a bass player asked "Can't he play cleanly?"
Sadly, he had no clue that he was completely missing the point.
What exactly is my "rigidity" limiting? Sloppiness? Oh no! Do you think people come to teachers to learn how to be rockstars? Do you think that players who used some unorthodox technique, for instance "neck cradlers" like John Entwhistle, Paul McCartney, aren't aware that theyre using "improper" technique? If you are referring to the isolated bass track of Roundabout in your comment, I really don't know what your friend was listening to, I personally don't consider string rattles to be "unclean technique" in that style; his timing, attack, and articulations are very clean. Idiosyncrasies aside, all those guys still play very close to the fret- which is my actual point in this discussion.
I'm not sure why you're fixated on high vs. low action. That IS absolutely a personal/tonal choice, there is no one "proper" setup. There is a "proper" left hand technique, if you choose to ignore that, that's your prerogative. Regardless of setup, proper technique will yield the most efficient results, because of physics.
In so many words, you asked the question "what would improving my technique do for me." Your answer is "nothing." My answer is: reduce the effort needed by your left hand, squeeze a few more BPM out, eliminate any potential for intonation issues, eliminate the potential of fret buzz, make bends and hammerons more controlled, reduce potential for repetitive stress injuries...
My point is, and will remain to be, about left hand finger placement. Most pros use proper left hand placement to get the most efficiency out of their instrument, whether their action is high or low. There are many successful pros who break with conventions, but generally speaking, left hand fingertip placement is not one of them. Every player you mentioned places their fingers very near the fret when playing. Watch videos/look at pictures of them playing. There is such a thing as "proper, textbook" technique, and it's taught for a reason- to optimize mechanical advantage, and use as little effort as possible. Your sanctimonious appeal for the welfare of my students notwithstanding, believe it or not, some students actually WANT to know how to get the most out of their instrument, and if you are not using proper left hand technique, you are leaving untapped potential on your fret board. If you feel you have reached the apex of your technique, congratulations to you, but that is not the case with myself or my students. There is a cut and dry answer how to get the most work done with the least amount of effort with your left hand, you don't see the value in that, nothing more I can do for you in that regard.
Here is a video of 3 guys who use low action, and use proper left hand technique, too.