I'm glad you got your issue resolved. I'm replying to this post because I'm involved in a similar issue now and this might be useful for someone. Here goes...
I just received my brand new M6 Carbine 2x12 combo and I couldn't believe my ears either:
From the very beginning, when I played any reasonably low notes, the speakers sounded as if they were blown. I couldn't believe my ears, so I called my bass teacher who also has the same exact amp. He brought over another bass to eliminate my bass as the issue. Anyway, the same problem occurred with him. He also noticed that turning the master volume knob up really didn't seem to affect the volume much either. He then went through all the voice presets and the same "blown speaker sound" occurred with all of them. Then, he took the master from zero all the way up then back. Then, played his bass again and the problem was gone. He then torture tested it for a while and says it sounds great and like it should. The store confirmed that it was probably just dirt or other small matter in the master volume pot that we managed to clean it up by twisting the knobs.
Then, I went back and played it again several hours later. For 10 or 12 minutes it sounded great and then I started gradually noticing a distorted sound most primarily on the lower notes that continued to get worse. I also started smelling something like a burning smell. I tried working the pots over again, but that didn't seem to help this time.
Well, the store said it could be a tube. So, now I've got to take to a local repair shop or send it back. I'll keep my experience posted in case it helps anyone.
Thanks for this post.