It's more a technique for recording stuff than live sound. CD-quality audio has a huge dynamic range but "as you know" the human ear's dynamic range at the low end isn't so good, made even worse by the limited bass response of most consumer audio equipment. Pitch discrimination isn't very good down there, either.
Too much going on down there in a recording and you just get a "wall of mud", everything competing for space.
It's not uncommon for music with a big thumping kick drum to have a more subdued bass sound. And music with huge f*ck-off bass to have a more "snappy" kick drum with a more aggressive high-pass/peaked response.