the cap value changes the frequencies that are rolled off. a .047 will roll off more than a .022. im going to make up these numbers to but to clarify what i mean, .047 will roll off starting at 1.5k and .022 will start rolling off at 2.5k. again, those are not the actual knee frequencies (cant remember the actual values off the top of my head) but hopefully it demonstrates what im talking about
and while this is a humbucker, its also a bass. the 500k rule is really for guitars