I have to chime in because I just did this with a v1 Mackie thump I have that I use to amplify electronic drums. First, this speaker is MUCH maligned for being a crappy speaker. I spent some quality time with it, and I sent my VT bass pedal into an Art tube pre, then into the Thump (which has xlr in only, hence the art).
It sounded awful at first, as it didn't handle the true bass well at all. Using the built-in eq, I turned the bass down to about a quarter, and used the semi-parametric mid control to bump up close to 100hz. I then rolled off some highs. My current rig is a aguilar th350 and two ampeg svt210s, and I would say it sounds a little "sweeter" or less harsh and is a little louder (the thump while rated much higher is actually only 200w rms). The thump is super punchy set like this, and truly doesn't sound like it's lacking bass at all (even though I turned the bass almost off). I imagine it could easily be used to monitor bass at a gig, and it even is made to sit on it's side like a monitor. Now, if you used a newer, better pa speaker, I would think it could do a pretty dang good job. You're not going to get a lot below a 100hz (made to be used with a sub), but I'm not sure it's necessary for most bass players to get that, especially if you have pa support. The Thump is 350.00, and I'm not sure a bass amp at that cost could do better, to be honest (and the new thump has more power than mine, too). And if you spent 500.00, it would be even better. At any rate, I don't think it's a dumb way to go at all, but I would get something with good eq, and there are a lot of reasonably priced powered pa speaks that are better than the thumps now, so I'd check those out too.
I do have one slightly negative thought though, which is that I might be a little biased toward the PA speaker because I have other uses for a PA cab that don't involve bass, which increases the value for me. I don't know if you have that, so maybe a devoted bass rig would make more sense?