Originally it was a way to construct a mass produced Bass/Guitar as opposed to set neck (upright bass ) Or neck through Alembic etc. but it has since been recognised as having a distinctly separation, or disconnect (tone) property to a through neck construction. That many like, and prefer. Yes they could and should have followed others in making this heal less intrusive by now.
As far as (here is one I made earlier from a box) ? 😕 does it have a quarter sawn neck and are the woods seasoned and selected for best quality.
I have a Fender CS 62 P bass it is wonderful, I payed £2250 second hand and worth every penny of that - No I wouldn't pay £5k. but I would have a Mr Shuker - JJ Pbass special, made for sub £3k
another point is back in the day when fender made these in house by craftsmen that selected woods etc they were good instruments, greed by CBS and subsequent accountants has seen facsimiles outsourced by the company all over the third world, and made down to a price with very confusing names that create confusion as to what the model name means anymore. An MDF model can't be far away by now