I might parse it out a bit -
Strong knowledge of music theory helps you be a better musician. It allows you to understand a song and learn it more quickly and accurately, or to compose more creatively and efficiently.
There are a lot of things that make you a better band member. Things like listening to the rest of the band, being prepared, having a due mix of self-respect and humility, contributing to the project, and general professionalism.
As far as what makes an excellent bassist, specifically, others have mentioned these, but I'd say: one is technique. Early on, as a beginner just starting to jam with people, I made a resolution that I never wanted to be the guy who would veto a song choice because I didn't have the chops to play it. I still can't do Jaco or Wooten, and have soft spots in my abilities, but there's never NOT a reason to improve your chops and your flexibility to move between styles. (This could also have been counted as being a better musician generally, not just a bassist, but I mean drilling technique on bass, being able to play well fingerstyle or pick or slap, etc.).
The other is groove. If a song is a body, then (in most popular genres) the percussion builds a skeleton, and the bass is what puts muscle on those bones and makes them move in their own distinctive way. Most other instruments and vocals are the kind of outer things - skin, hair, eyes, etc. - that catch the eye., but have to have that bone-and-muscle understructure to lie over or they're not attractive. So learning how to lock in with the percussion (the "pocket") and create a smooth and supple movement for the rest of the band to stretch over is key.
Strong knowledge of music theory helps you be a better musician. It allows you to understand a song and learn it more quickly and accurately, or to compose more creatively and efficiently.
There are a lot of things that make you a better band member. Things like listening to the rest of the band, being prepared, having a due mix of self-respect and humility, contributing to the project, and general professionalism.
As far as what makes an excellent bassist, specifically, others have mentioned these, but I'd say: one is technique. Early on, as a beginner just starting to jam with people, I made a resolution that I never wanted to be the guy who would veto a song choice because I didn't have the chops to play it. I still can't do Jaco or Wooten, and have soft spots in my abilities, but there's never NOT a reason to improve your chops and your flexibility to move between styles. (This could also have been counted as being a better musician generally, not just a bassist, but I mean drilling technique on bass, being able to play well fingerstyle or pick or slap, etc.).
The other is groove. If a song is a body, then (in most popular genres) the percussion builds a skeleton, and the bass is what puts muscle on those bones and makes them move in their own distinctive way. Most other instruments and vocals are the kind of outer things - skin, hair, eyes, etc. - that catch the eye., but have to have that bone-and-muscle understructure to lie over or they're not attractive. So learning how to lock in with the percussion (the "pocket") and create a smooth and supple movement for the rest of the band to stretch over is key.