I think the student stigma is long worn off.
I'd say Rogue, Harley Benton, etc took that crown.
Serious players all have a Peavey in their arsenal, at least a lot of them do.
The student stigma keeps a guitar/bass manufacturing company in a place where all those students will go buy something else after they learn to play the guitar or bass.
Yes, the student stigma has worn off....and Peavey no longer makes Basses in Mississippi.
No more Foundations, good Furys, Patriots, USA Cirrus, USA Millenniums, and many other great instruments.
Peavey had an uphill battle trying to compete with Fender and Gibson when they first introduced the T40 & T60 because those looked not very much like a Fender or Gibson instrument, and they were also a company based in the deep south USA which carried a stigma too.
Then selling so many instruments to the school programs, they formed a mental association in people's minds that they were cheap junk for students to learn on.
I may be way off base here, but I think it makes sense.
I was working at NAMM (at Whirlwind) the year (and for several years after) Hartley showed up with the T40/T60.
I believe many people saw them as "Country and Western" looking which put them in a limited spot.
Their bass shape migrated from T40/T45 to T20 to Gen 1 Fury (which is a beautiful shape IMO) which fell more in line with Fender basses.
The Precision and Jazz has obviously dominated so many peoples perception of what a bass should look like for 70 years now.