i am not so sure that i would agree with that statement , due to how one genre of music to the next may vary . rap, a lot of bass , singing and vocals , not very much bass , grunge and metal , more low bass , electronic music you bet there is some massive bass . interesting fact is that bass notes are comprised of low frequency as well as high frequency( meaning they contain treble and bass). also there is more electrical current required from an amplifier to produce bass than mid range or high frequency .
no bass is not every thing but it is more important than some people may admit , and yes many people will overdue bass to the point of making you wish there was none ,that being said , think of it like a recipe , too much or not enough of any part not good . but as for the realism of a live band or concert , bass needs to be strong but realistic , nobody goes to a concert and doesn't feel the music