In other words, when cranking up the "Bass", the software would actually raise the EQ levels for the lower frequencies,

Or perhaps better might be the software would actually lower the EQ levels for the higher frequencies in order to avoid clipping when the volume is set to 0dB.

Or perhaps not... this approach would cause the overall volume level to drop when "cranking up the Bass" so in addition to adjusting the bass/treble you'd also have to increase the volume putting you right back into clipping mode. Hmmmm...

tanstaafl.