I don't claim to be any kind of an expert on the BBE. I can read a schematic although I have never looked at the one for the BBE process. I know they have a proprietary chip that I'm pretty sure you don't have access to what it's doing. Unless there is a chip schematic somewhere.
Some folks don't like music that has any kind of exciter in it period. I like the nice clean sound you can get from one on occasion. Some folks swear by them on electric guitar, but then again probably just as many people aren't impressed.This makes sense to me because some guitar is muddy on distortion and BBE can pull that in tighter. I know Danny isn't big on BBE. I don't fault anyone for what they hear and like or don't like.
The design of a product is pretty much the foundation that it sits on in terms of company integrity. We went round' about a similar thing on ARC. People claimed that it doesn't really do what the company says it can in fact do. I countered with if that is indeed true then the company can be sued for false advertising of a product. From my perspective companies don't generally intentionally misrepresent a product. They might make something appear to be more of something than what it really is. They are known to bend the facts to suit their pitch but outright selling snake oil has legal ramifications and can lead to serious issues with customers. Most companies would never resort to this as it's self-destructive.
So I would say that there is some truth to the BBE process and they have patented it. It's pretty difficult to patent a lie. It has to work in some measure in order to pass the process. So when I am told that the process aligns audio signals I believe that this is the case. What the end result might sound like is another thing altogether.
I have both hardware and software BBE. In use I don't rely on them as much as I did at one time. I once used one in a PA and I thought the PA sounded much better. YMMV depending on your setup. Signal compensation due to a cheap set of PA drivers can be a real improvement. They seem to work best on several tracks or a whole mix as opposed to one track. I still occasionally use the process in plug-in form. You can over use it though and then it becomes tiresome. In some cases on cheap PAs I actually gasped at how much better it sounded.
I think it has the effect of an exciter but it doesn't actually excite in technical terms.The whole thing is designed to remove muddy sound and pull things in tighter. Sometimes compared to an aural exciter the two are totally different animals and don't work the same way.
I would always use EQ first and never lean on one but it's in my toolbox just in case.