My first thought is finesse soft plastics, wacky rig, drop shot etc. but can you use if for a Texas rig too?

Just a good all around spinning rod for bass fishing. It’s all I use when it comes to spinning rods, anything from a Ned to a wacky worm.

If your cover allows it, I like ML for finesse and DS. M for me is a decent universal, almost so all rod.  Light trigs (3/16 or 1/4) creatures, worms, single tail thingies, weightless senkos, smaller cranks and jerks (it will do if you don’t have this niche filled), top water, and heavier drop shot. Speaking for my neck of the woods mostly. 

A M/F spinning rod is like a MH/F casting rod. Anything finesse or spinning oriented. Not perfect at everything, but does a little of everything.

It will do just about anything, including cranks.  The issue with power is mostly matching the power to the weight of the lures being cast so that it loads nicely.   But as I always say, one cannot have too many rods.  This is a good place to start, but far from the last place to go.

Yes. 

Someday I’ll figure out how to skip with a baitcaster, but for now I use a 6’10 or 7’ medium spinning rod and it works great with “soft” soft plastics. 
 

can also work great with other t-rigs like Senkos and such too. 
 

can also work with squarebills and lighter crankbaits in a pinch. 

In truth, anything a Medium baitcaster will do. Don't fall for the line that spinning gear is finesses only. A medium spinning rod is to go to choice for probably millions of "one rod" fishermen around the world.

I always have a weightless Trick Worm with 8lb. mono, sometimes 10lb mono, rigged on a 7ft. med. fast spinning rod. I also like it for smaller top waters with a Heddon Zara Puppy and Storm Rattlin' Chug Bug -- smaller one. 

just an all around rod for multiple applications.

My favorite action and power of all the rod options- grubs, drop shot, jerkbaits, smaller cranks, worms, topwater, shakeyhead, wacky rig, fluke, and on and on.