There are a number of photos of top grandmasters playing bughouse. I don't know how representative they are. I do know that GM Lev Aronian is one of the top bughouse players. All of the strong bughouse players I have met (not counting a very long time ago) are at least masters in chess. For example: Richard Francisco, Kazim Gulamali, Peter Minear, Will Stewart, Dan Yeager.
As far as the use of bughouse educationally: it teaches defense as well as attack. Because there is so little literature about bughouse, it encourages creativity. There is so much about it that isn't known or hasn't been written about. It can be used to teach teamwork.
Now a little history:
Crazyhouse was invented before bughouse, a long time ago, before the invention of the chess clock. It wasn't practical. It was only devoted gaming geeks. Originally it was called... bughouse. Bughouse was originally called double bughouse, and it became popular among young chessplayers with the invention of the inexpensive analog chess clock.
than they were.