By extension, if major players had expressed or experienced any significant issues this would have been addressed. I'm by nature and inclination a progressive person - in other words, no problems with changes for the better. I have played a lot and any of our current options (XLR, Speakon) would only slow a 'hot-swap' situation onstage. Hence not preferable.
Well it's true that since the first 1/4" plugs were designed for telephone switchboards they are relatively fast! But on an instrument they aren't quite what you want. For one, they don't have enough wires. They have single-ended signals and can't power the (active) bass. An XLR would be a much better option.
Why? Because they have balanced signals for hum rejection. They can supply phantom power and are relatively standard. But that's a problem too. You don't want a bass plug to be the same as a mic plug because the bass has a line level output and the mic is low level. That is why a good connector is so important on a mic. And another downside of an XLR is they are larger and more ugly than a 1/4" connector.
As for me, my choice would be something like a 5 pin XLR connector. It's different from a mic, but has enough wires for a balanced line and also power to active basses, LEDs, whatever.
So what do I have on my basses? It's a TRS system. Power is supplied by the "ring" line. It has the advantage that I don't need to undergo a massive re-jacking of all my basses. And going with larger XLR jacks means wood work etc. Not something to look forward to. So we leave the output single ended. It's OK because it's a high level output anyway.
And another feature of this is that many active basses use the ring terminal as a battery "-" switch. So If I make a shorting clip that goes where the battery is and feed 9 volts into the "ring" line it powers the active bass. On my amps I have a switch that turns off the 9 volts and grounds the ring line for basses that still have a battery which allows me to use the same TRS cord. On passive basses you can use the power to run marker LEDs on a fretless etc.
Of course 1/4" connectors DO suck for a number of reasons, and one is that the tip and ring short to ground as you shove them in the jack. For this reason my 9 volt supply has to have short protection so that doesn't blow it if you forget to turn power off when pulling or inserting plugs.
So like everybody else here, even though I'n going with an advanced system, I'm still sticking with 1/4" plugs because I don't want to fight standards and have to rewire every bass I own. Point is that yeah, SOME 1/4" plugs suck, but some are also quite nice. Gold plated. Well shielded. And decent strain relief on the wires. And they are reasonably decent prices as well.