Yup, TK, pretty much.
I think the first season was three-fold. Keep us watching, Find a singer to lead the band, and re-establish the band to it's old fanbase, while letting new fans discover them.
The elimination show had the contestants singing INXS's songbase, introducing many new people to it. Made me want to go out and buy their albums.
Since this is "at this point" a fictional band, they have no cataloge to promote. At this point, I am not sure the three judges really know what kind of band they want to be even.