So, having acquired a couple of the later 1990s versions of these, here's what I've been able to learn about them:
They first appeared in Yamaha catalogues in late 1985, in the original "small headstock" variant.
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The MB-II had the fine tuner bridge, 24-fret fingerboard, gold hardware, the two large pickups, and truss rod adjustment at the body end. Available in Pearl White, Candy Apple Red, or Black. Original price 80,000 yen, or roughly $400 in 1985 USD, or roughly $900 in today's money.
The MB-III was similar, but had a plain bridge, chrome hardware, and only came in plain white or black. 55,000 yen list price, about $200 USD in late 1985, $400+ in today's money.
The MB-I was the top-of-the-line model with an (I believe) ebony fingerboard with oval mother-of-pearl markers, gold hardware, and available in semi-transparent red and blue finishes in addition to black and white. 120,000 yen in 1987, $600 USD at the time, roughly $1.300 today.
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1987 also saw the addition of the MBIII-PJ model, which swapped out the large humbuckers for a slanted P and straight J pickup, with gold hardware. There was also the MBIII 'G' series which I believe had different body woods (again, if someone can translate, that would be awesome) and translucent finishes which showed the woodgrain.
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1990 saw an additional "R" series added to the MB line, with a radical change in design, with a completely different body design with a carved top and the 4-in-line hockey stick headstock and PJ pickups. Sold as the MB-IIR and MB-IIIR.
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However, the traditional MB design was still in the lineup. Now differentiated as Special, Deluxe, and Custom versions, with dual-humbucker and PJ variants. Also notable, Yamaha had a medium-scale RBX bass at this time (RBX-MS)
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By 1992, they had created two new variations on the line, all with PJ standard pickups and TRB-style headstocks with a tiltback scarf joint, 22-fret fingerboard and truss rod adjustment at the nut. The first two models were the top-of-the-line MB-75 and the MB-55. The 75 had an alder body, arched top and tummy cut for the first time, a contoured neck heel and two 'mini plate' neck plates, and transparent finishes. The 55 had a basswood body, flat top, Fender-style forearm contour and tummy cut and solid finishes. Fingerboards switched to 22 frets, with truss rod adjustment at the headstock. The headstock switched to a tiltback design similar to the TRB line, with a scarf joint.
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In 1993, they added the MB-65, a unique model with a contoured body like the 55, made of mahogany with a maple front. It was apparently only in the lineup for this year.
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By 1994, the line was back to just the 75 and 55 but with more color options.
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In 1995, the MB-65 returned as the "MB Special", and a new lower-cost version, the MB-40, was added to the lineup. The 40 was more barebones, with a more downsized body, and while it had the same TRB-like headstock design, returned to a 24-fret fingerboard, flat body front and back, and truss rod adjustment at the body end.
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By 1996, the MB Special / MB-65 was gone from the lineup again, but otherwise the same as last year.
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In late 1996, the lineup changed to the lower cost MB-50, MB40-H, and MB-40.
These were basically all MB-40 style instruments. The 50 had gold hardware and an alder body, the 40H had a 'high definition' photo-flame-maple top and chrome hardware, and the 40 was plain Alder and/or Basswood with chrome hardware.
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This lineup stayed the same till 2000, when the MB-45HB model was added, essentially an MB40 but with dual humbuckers with large, visible, 'music man' style polepieces.
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This lineup stayed unchanged until 2005, when the MB series finally disappeared from Yamaha's catalogues.