I think it's a brilliant tool for a recording studio that needs to be able to create convincing tones for any number of guitar and bass sounds in sessions etc.
Most of them in use live will have a couple of patches, at best, for bass, I have one for fretted, one for fretless, both with switchable OD/distortion/chorus as needed.
Maybe a guitarist would have more patches, I know my guitarist mate, who uses the Helix, has a different set of patches for each song, he tap-dances in his spare time...
If you don't use an amp/cab of any description, these modellers are worth the effort I think, and probably the expense. I tried the HX Stomp, didn't like it as a replacement for my Line6 Bass Pod Pro, the QC does everything I need in a one-shot box. YMMV.