There are limits how low you can go without getting your ankle all awkward for all but the most rudimentary stuff. I don't like the look of "bass under the chin"-players either, but if you look at the more busy great players - JE, JB, Chris Squire, Sir Paul -, none of them has his bass slung down Sid Vicious style low. You can't fool ergonomics. Hell, even Gene Simmon's (not a root note player)has his Axes and Punishers comparatively high.
I agree that lower looks cooler though, but it inhibits my playing.