This is an interesting discussion. For me, it depends on the gig…rock/pop/country= Jazz bass…nice but not irreplaceable. Jazz or pit work=fretted + fretless 5…nicer and hard to replace. I am not very picky about how a bass looks, but am obsessive about how it feels and sounds in the appropriate context.
I guess the other thing worth mentioning…I know quite a few US military bassist, and they are playing top-drawer kit, both because they can and also because they need to be really flexible across a wide range of groups and styles. If I was in that situation, I’d like a really expensive bass as well.