For me the usefulness of a cab sim depends largely on whether you’re a bass > cable > amp kinda guy or a bass > pedalboard > amp kinda guy. If, like me, effects are your thing then getting a full-range, uncoloured sound is ideal. I let my pedals do my tone shaping.
If you don’t use effects at all then I suppose in a way the colouration a traditional bass cab gives you is your effect.
Personally I love the sound of my basses dry through a PA and let my onboard tone controls do any tweaking I need.