Yes, the last versions do a great job in extracting bass lines and exporting them in midi format.

If you want a full transcription of any song, Tthis is what I recommend:
1. Identify parts and chords for the whole song using SMP tools. With experience, that shouldnt take more than 10 minutes on a typical pop / rock song.
2. Export the song to music xml format. Open the musicxml file with Musescore. You will have a nice chordsheet with all parts clearly identifieed.
3. In SMP play with the midi parameters, until you get good results, then export the bass line to a midi file.
4. Open the midi file with Reaper (or any other Daw) and quantize it. Save it with another name.
5. Open that midi file with musescore, select all notes, copy them.
6. Paste into your first project in musescore. Correct mistakes. That's all.

This way you should have a complete transcription with notes, chords, parts and even lyrics in a fraction of the time you need to do the same in a traditional way.

Latest BIAB version, latest build.