This is, indeed a tricky one. I do think that the MBD-1 depth knob either boosts the low end when you go past noon on it, or it tricks you into believing you do.
Since it does not have a flat setting, it's really hard to confirm how it works exactly.
The EQ and shape of the sound might let you set level higher than actual unity if you do it by ear. When you do that, and bring up the depth knob, you feel like you're boosting bass, but it might actually be that you're only raising it from minus X to zero, but zero is actually plus 6 because you turned the level knob higher than actual unity.