PS   Of course, there are still "covers" bands (in the 1950s sense) - found in pubs and at weddings all over the country. But these are really only a few steps up from karaoke, in my opinion. Any band worth its salt should be putting their own stamp on material that is not their own. Not everybody is blessed with songwriting talents.
Far better do a good personal version of another's song than a competent version of one's own inferior material   - we get far too much of the latter in all styles of music.