As you have suggested, it has also become common to use patterns like Bm/G to create a Gm7 that is less spicy than if the bass G were mixed into the treble octaves. 9 and 11 chords are also done this way.

C7/D is a C9 chord, and C/D is a bit more "open" of a sound but still a 9 chord.

G7sus4/B is a G11 chord, dropping the 9th.