I find this topic interesting.
It seems to me that there are four dominant approaches:
- Use the same basic tone throughout the entire gig. This seems to be the domain of blues, roots-rock, country, etc.
- Vary the tone frequently during the gig, depending on the song. This seems to be the approach for cover bands with a wide repertoire, or perhaps originals bands. There are (at least) three ways to do this:
- Vary the tone on the bass. This is best/easiest done with active onboard EQ.
- Vary the tone using pedals. This is an entire sub-topic.

- Vary the tone at the amp. This seems to be the preference for people playing passive single-pickup basses.
I've noticed that lots of people fit into those various categories, so there doesn't appear to be any right or wrong approach. Personally, I'm a member of group 2A, onboard EQ. I usually set my amp for the room, and don't touch its controls for the rest of the night. Tonal variation is done through onboard EQ, pickup selection, and plucking hand technique. But it's interesting to hear how other folks do it!