That really only applies to some characters, and like I said some people don't really have -great- wall combos. As Bayman I can do just about as much damage at the wall as I can in open space with a full juggle leading into a ground throw.
People like jann lee, for example, have badass wall combos (even off of things like his catch throw), and definitely the frame advantage to push a person there, so it's a great incentive to make the wall a big part of his strategy since he's always pushing there anyway.
Bass doesn't have traditional wall combos at all, he's more of an open space punisher. The few things he can do with the wall involve letting a person hit the ground so he can pick them back up, and in the case of 3.1 unless that person was a heavyweight it did not result in any guaranteed damage, just a very threatening 50/50.
Let's not forget there were other more dangerous things in the game too -- god help you if you were launched against a slope.