It certainly, in many instances, obscures the spoken dialogue. There are films @ which I cannot absorb the full voice tracks b/c of the background music/other sound effects, and especially the booming bass shite. Seems this started happening in the early 1990s and has become progressively worse, and not only @ film but also a lotta television productions. I have had to resort to switching on ENGLISH subs so that I can @ least read the effin' dialogue. Sheesh.
I read somewhere in the late 90's that our obsession with bass was going to evolve us into creatures with no ears. Just membranes that detect subsonic rumbling. I think some of this stems from people looking at the anechoic measurements of speakers and seeing bass that drops off in the 40's and they assume, wrongly, that the speaker won't extend smoothly down into the low 30's in a normal room. Consequently, they use massive subs that wildly blow out the bass, and sound track producers cater to that now.

Mine was stolen in a burglery.