Bass is absolutely necessary for the accurate presentation of dynamics. And to my mind both micro and macro dynamics are necessary before you can begin approaching real unamplified acoustic sounds.
Now there are several types of bass but they seem to generally divide into:
- air moving / chest thumping, and
- tuneful, open panel/baffle
Each seems to do one thing that true bass has, but somewhat falls short in terms of the other department, IMO. Very few speakers or subs get both right.
Also, deepar and "better" bass somehow also has an effect on how I hear and discern the treble region. It balances things out and can make an otherwise sharp sounding system sound more even and natural. Must be some kind of aural trick our ears play on themselves.