Bass requires a completely different skill set then guitar. I have yet to see a good "guitar-bassist" in any genre except metal. When showing off/shredding, sure, an average guitar player can come across as a great bass player. Because of this certain style of guitarists sometimes make good bassists in some specific metal genres where the bass is more about shredding and the sound is distorted upper mids rather than actual bass. But when it's time to lay down a groove, keep the song together, all the stuff the the bass is traditionally supposed to do... they fail miserably.
Saying the bass is a lesser instrument than the guitar is like saying the bassoon is a lesser instrument than the clarinet because they play fewer notes. Or that the viola a lesser instrument than the violin. Or the cello a lesser instrument than the viola. Or the double bass a lesser instrument than the cello. Instruments in lower ranges play fewer notes because of physical limitations and because that's what sounds right for the arrangement (unless it's a bass solo piece of course). Consider the physical limitations of na .130 string compared to a .009. Which is also why the use of chords isn't very useful for bass unless you're doing solo stuff in the upper ranges. Ask a guitar player to play his chords on bass and I'm sure he will agree.
Any guitarist who says the bass is a "lesser instrument" is completely lacking musical insight. Playing less notes = doing what the bass is SUPPOSED TO DO.