@RemoteOutpost -
First up - there’s a great thread about this right over here:
As for my thoughts: I think it’s super important but only at a time where this information is expected of you.
Importance is directly related to application.
If in your playing and practice you are being asked to randomly identify and find notes all over your bass, yes - it is important.
If in your experience and practice you are expected to learn and play songs and chord progressions, it is important to learn and identify those chords.
This type of applied practice (learning chords to songs, song after song after song) has the cumulative effect of learning the entire fretboard, and it happens in an applied way.
That’s my preferred method - but the thread I linked to has other ideas as well.