OK. Nothing you have learned is waisted (sic). Anything that lets you see the patterns on your fretboard can be used.
CAGED is a 6 string pattern and not a part of the bass. Why? We do not form barre chords. Only reason I know of the get into CAGED is to have several ways of taking a chord up the neck...
Sorry I have no idea why he is taking you to CAGED.
CAGED is NOT only about barre chords. On six-string guitar you use the barre chord shapes to relate to fingering patterns for the major scale, but CAGED is all about the SCALE, not the chords. In fact, one of the CAGED chord shapes is kinda rare and almost pointless. But, the concept of knowing where the notes of the major scale are starting anywhere on the neck is vital and critical for bassists. AND, if CAGED is taught correctly, you'll be working the arpeggios of the chord along with the scale shape.
I think CAGED (though, like modes, is often taught horribly wrong) is a vital and useful visualization of the neck, and the logic of the fingerboard. Too many people learn bass and guitar and only see the scale from root to root. But in the real world we play music, not scales. So learning that the diatonic major scale for the key of G starting at the 8th fret on a bass begins with the C note (and knowing it's the fourth) is priceless knowledge. If I know that's the fourth, then the fifth (one of the most important notes a bassist needs) is at the 10th fret, and the root is on the 10th fret of the 3rd string.
So use what your teacher has given you, it's not wasted at all. As you play the CAGED shapes, however, do three things that'll help you more than anything else you can learn. First, SING the note before you play it- this trains your ear to hear the intervals and makes the scales music instead of a physical exercise. I advocate singing EVERYTHING you play for this reason. Second, don't just run the scales, but say the note and scale degree. For example say "C, the fourth of G major" while singing the pitch, then "D, the fifth of G major". Third, after running the scale, play the major chord arpeggio for that CAGED shape too (again, singing and saying what you're playing). This reinforces the chord tone basis that you'll need to provide as bassist.
John