The only thing that hasn't been mentioned here (unless I missed it via a quick re-read) is the massive phase shifts that occur at the boost/cut frequency.
I really don't think that the amplitude effects are the predominant ones here.
Being a largely digital producer, I often insert an 18dB or 12dB VST EQ HPF at sub-sonic frequencies (around 15-25Hz), in order to try and shape the phase response of a bassline so that it sits better in a mix.
In almost all cases, the result sounds "better" (subjectively) than the original. Also the phase change moves higher frequency peaks into areas of the waveform that are "tighter" - in fact, sometimes to the point of literally allowing you to increase the volume of an element in a mix without clipping. This type of shaping is very useful.
Sliding the frequency up and down a little bit of the HPF produces varied phase shifts that can "lock things in" so to speak.
Also, intriguingly, the shapes formed by basslines from digital synths after the HPF are much more like those coming from an analog instrument, than a standard VST. I feel that this is due to the phase response shearing that is more typical of analog gear.
Just worth mentioning - since I think that this is the REAL effect that the engineers are hearing, not the typical amplitude action of the EQ.