Some folks appreciate the design, feel, workmanship, and subtle details that go into elite basses. Some folks don't, and think a Fender, which might sound and play fantastically, is all that matters to them.
I certainly appreciate gorgeous exotic instruments, and I love an exceptionally well finished instrument with ridiculously perfect fret edges, tiny subtle details in the way the neck butt ends, I love necks that are thinner on the G string side than the E (B) string side... I love electronics that give me excessive control over the tone, and I like tiny little details like hand made purfling, certain screw colors and finishes, little wood grain details that are there because the builder chose that piece of wood for that specific reason.....
However I'm quite happy with any cheap instrument too, if it plays well and sounds good.
I have actually met bassists who are very literally, even actually admitting to compensating for lack of ability with very expensive basses. But that's their choice, and it's not like they'll get far that way, but if it makes them happy and they can afford it - whatever.