I don't think you guys are getting it.
Brother Sludgie, using your suggested methodology, he'd have to favourite only bass Rigs and never guitar ones. Not-practical, I'm afraid. Good thinking 'though IMHO bro'.
Indeed Troy, it would make them easier-to-find, but name-character space is limited, especially if you want to be able to view the titles on the units themselves. Believe me, I've had some experience with this, having been forced to devise a naming convention for the Wah collection. Many compromises were necessary in order to come up with a system that said just-enough but that also happened to fit within the display window without the OS's imposing its default truncation to the names.
In this case, IMHO, it may be a lot of work for Jake to shorten the names of his Rigs in order for them to appear as-is in the display whilst still accommodating the "Bass-" prefix.
If one has a bunch of guitar as well as bass Rigs on one's unit, IMHO it should be a no-brainer to be able to filter either flavour out en-mass. That's what the function is for, after all, and the existing behaviour suggests that an assumption was made that the typical user would have many guitar and very-few bass Rigs on his unit. However for bass players it'd be the other way around in many cases.
We've seen the recent addition of the "Acoustic" filter's being added, hence my decision to support this tweak with a big +1.