Well let's give credit where its due: at least you can admit it. Many others can't.
The first step is to part with some of that nice gear and give it to someone who wants to share in your burden out of the kindness of his heart. Oh, wait, I know someone like that!!!! PM me, I will save you, son!
But seriously, you know, I see many sides to different hobbies. There are those who take part in a hobby for the social aspect. Some for what they're directly getting out of it, and others more for the feelings they get out of the hobby or for the residual effects. And others will take up a hobby but in fact that hobby will spawn yet another related hobby, relegating the first hobby to second.
Stay with me, it will make sense... Take playing an instrument.
Social aspect: TBass and other forums, playing with other musicians, hanging out at the local music store, etc.
Direct Effect: playing the damn instrument, getting better at it, evolving as a musician/songwriter.
Residual effects: Maybe you don't have aspirations to sell out concert halls or even play the local bar, or even in front of others but when you play it's relaxing, soothing. You could be playing the same song everyday, if it makes you happy, why not? If it gives you joy, comfort, pleasure, stop worrying about what the other hot shot musicians can do.
Hobby within a hobby: You like playing bass, it's fun. You're not great, maybe you're not even improving a whole lot but you still like to do it. But maybe what you don't want to admit to yourself is that collecting cool bass gear, drooling over bass porn, caressing a nicely figured neck, chatting about basses all day, maybe all that stuff is what gives you the real enjoyment. So what the hell, keep being a gear snob even if you suck. It's YOUR money, and YOUR happiness at stake.
It could be all or some or none of these. It could be that I haven't slept in a few days, am feeling a little loopy, and can't stop typing right this minute and this could go on for ever.
If you still would like to be better than you currently are, practice goddammit. PRACTICE!!! Take some lessons. Listen to music in a whole new genre. Pick the hardest song you can think of and dedicate yourself to not playing anything else until you can learn it. And if you're still shamed, PM me for my address and you can send me those cursed basses that mock you because you can't play them well. I'll teach them a lesson. I'm not drunk.