fallacy: the EQ unit is a splendid level/ drive booster
it is important to note that the EQ unit serves to boost & reduce frequencies. this means you get to sculp how sharp/ nasal/ bassy (to put it loosely) your tone sounds like through the amp.
1. guitar + amp
if you believe in a minimalist approach, the EQ pedal can be used to sculp your guitar's tone in tandem with the song/ theme of your music. eg: scooped setting for a heavy, drive laden song/ more upper end crunch for solos etc.
this pedal can also be plugged into the amp via parallel connection to affect the overall tone there
2. guitar + FXs + amp
for this popular set up, the EQ can be used (placed at the end of the chain) to rectify a loss in frequency or boosting any suppressed bandwith for that matter. this happens because in the various FX pedals employed, chances are, there would be a TONE option to meddle with (& guitarists often do that) & upon doing so, the inherent guitar voicing is altered. the EQ here addresses this situation not as the ultimate tonal rectifier but as a compensator of sorts