It'd be interesting to read the ad in question.
Before I'd agree to even 4-5 songs for a first meeting I'd need to know much more than what's offered in the OP, but in general I'd say 10 is far, FAR beyond excessive for a first audition. Unless you know for a fact that these are solid players who can kill the material AND there's a high chance that you may get the gig and have to know those songs, and possibly many more, very quickly after the audition for a well-paying gig. In other words, the gig is already yours if you're not a fake or a flake or otherwise undesirable, AND you know you want that gig. Or you really just want to work out on the material no matter what happens.
As BL the only times I've asked for 10 songs (or more) was when someone had to learn the whole set(s) because they already had the gig *without* an audition and a gig was imminent. And I made that clear.
The only time I had to learn more than 4 songs for an audition was in the same situation, and it was made very clear to me.
To me being asked to learn 10 songs, especially if it's in short order, for a first audition is a sign of big egos, poor organization, or both, unless the caveats above apply. A band should be no more eager to spend more than 30 minutes with someone who says they can play than you should be eager to spend unnecessary extra time with people you've never met and that apparently don't have functional bassists in their collective circle.
Quality players can assess your personality and skills within at most 3-5 carefully chosen songs. More than that, and something else is going on. In my experience a well-organized BL will want to get it done ASAP and have other musicians ready at the door for their audition when your 15-30 minutes is up.
When a good band has good gigs for decent pay in a city of any decent size, they can usually find someone via their network without having to audition anyone so IMO even the act of auditioning is a bit of a red flag. Again, so may variables and caveats apply, but most bands I've auditioned for turned out to be not worth auditioning for. But they sure talked the talk!
The high-quality gigs all came from referrals. Including with internationally known names. BL calls and if you're available the gig is yours. No audition, and sometimes no rehearsal. I've often hired people this way too. In fact I much prefer it. If you're vouched for by a respected player, it's a done deal. That's a seldom-cited reason to take lessons with a busy local pro. The gigs he can't do go to you.
It's like good jobs in good companies. Few, if any, are ever posted. A good company with a good position and pay on offer won't be so desperate as to want to interview whatever random people aren't already busy and happened to read their ad. And a good company will create a position when the right person comes along.
It does not matter if it's good for you to learn songs. It's much better for you to practice what you need to practice per your shortcomings, interests, and the advice of your instructor (hint: work on the material he gets paid most to play, and when he needs a sub the gig is yours), not a wish list on someone's CL ad.
It does not matter how many songs I, or anyone else, once had to learn in a situation that isn't relevant to what's divulged in that ad.