Bit of a yawn here, I am afraid. In a perfect world it would be nice to learn music theory as it would make make my bass playing easier plus I would have greater understanding of what I actually do and why I do it. Unfortunately I don't have time as I have other, equally demanding aspects of my life away from music.
But I get by perfectly well - I play in two bands where I would say the level of musicianship is pretty high and my lack of theory doesn't hold me back, nor does it matter to my band mates. In one band the guitarist sight reads and is one of the most gifted amateur guitarists I have heard, the keyboard player is a music teacher. Yes, it slows me down during the learning process but, importantly, once I am there I believe I can play what I need to play as well as anyone. If I couldn't I wouldn't be able maintain my spot as bassist in those bands as they would find someone better.
So for me, the type of music I play and the situations in which I find myself musically, it doesn't really matter and the extra effort involved in learning music theory doesn't seem necessary. I suspect a lot of us are in a similar position.