The "disco smile" is almost never justified, and certainly not on the master bus.
If there's mud in the low mids, find the tracks that are contributing to it and fix them. Trying to take out mud at the master bus just makes the mud quieter. To quote the sage Mixerman: "Don't cut the low mids, make 'em yer b itch".
Lowering the midrange to accommodate conversation is an excellent theory, Craig. I don't believe it, but I like it.
A more probable origin is the proliferation of cheap "hi-fi" bookshelf systems that popped up in dorm rooms in the 60's and 70's. We weren't allowed to turn the volume up lest we offend our more studious neighbors, and of course as Fletcher and Munsen taught us, the extremes of the spectrum disappear at low volume. It was such a common practice to use tone controls to combat that phenomenon that a few years later manufacturers started building the disco smile in as a standard feature. They labeled it "Loudness".