I appreciate that that is your opinion about what signature basses are for (the 'Hall of Fame' idea), but the reality is that they are primarily a marketing exercise. Pete Wentz has a signature Squier because Fender decided that they would be able to sell basses in that price range to Fall Out Boy fans by doing so. They've made multiple Jaco models (plus the Squier VM fretless Jazz, which is near as anything to a 'Jaco sig' because legions of bass players think Jaco was amazing and Fender want to sell basses at all of those different price points to people who like Jaco.
Like it or not, plenty of teenagers started playing bass because they were inspired by the people who were playing their favourite rock music at the time. When I was starting to play bass, me and plenty of other musicians loved Green Day (Mike Dirnt), Blink 182 (Mark Hoppus), and Foo Fighters (Nate Mendel). These are massive, massive acts that have sold millions of records - why shouldn't some of those records have been sold to young musicians? I would never have gotten into, say, Weather Report if I had not first caught the music bug by playing simple, fun punk rock with my friends.
I guess it's an age thing. The first I ever heard of Pete Wentz, Nate Mendel, Mark Hoppus or Mike Dirnt was when I noticed that Fender has signature issues with their names on them and wondered who they are. I didn't think there were that many Fall Out Boy fans out there. Of all of these bands the only one I can actually whistle a tune from is Foo Fighters. When I think of Foo Fighters I think Dave Grohl, not Nate Mendel. Nate Mendel is a fine bass player, but nothing about him screams, 'Damn, this guy should have his own line of Fender P Basses!' Now, when I first heard Rush I knew I had to play bass. When I first heard Iron Maiden, I wanted to be just like Steve Harris. I'm probably wrong, but I have a hard time believing that Pete Wentz has had the same level of influence.
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