I am looking to get back into playing bass and have been completely out of the loop for about the last decade. When I started looking around to see what was available, it seems to me that guitar and bass prices are attached more to brand/model reputation than the actual objective and subjective quality of the instrument.
For example, the Squier and Fender basses with the same features are essentially identical. The Fender might have a higher quality finish and slightly better hardware (and is maybe made in a different country?) but I watched _many_ YouTube videos where professional bass players could not make one sound better than the other. Despite a 2x-3x price delta.
And most interestingly, Yamaha bass guitars are among the lowest cost for a brand-new bass, yet are also made surprisingly well and sound as good as some basses that cost an order of magnitude more.
This just further confirms my observation that in most any market, it always seems that the most popular brand is rarely the best overall value.
You're pretty much correct, yeah. If you want to know what the actual benefit to playing a more expensive and/or name-brand instrument is, it's because it's largely a signal to others about your self. Playing a recognizable brand or a obscure-but-expensive brand can show to others that you're serious & knowledgeable about the hobby, instead of just playing a $150 strat clone you bought off Amazon. If you want to make money off of it, it's also a sign to your potential customers that you know what you're doing. Above like $500, they all play pretty much the same, but they make different statements about your self. It's up to you how much value that has to you personally, but please don't make the mistake of being surprised that others put a lot of value on how others perceive them. That little fact accounts for an absolutely enormous chunk of economy activity, it'd be silly to write it off as unimportant.
Yamaha makes fantastic stuff, they're a great choice.