the SECOND you join a cover band is the INSTANT any dreams you had as a musical artist die. you are now a performer and there is nothing wrong with that.
NO ONE remembers cover bands
Hmmm... That's funny, because I play in BOTH an originals AND a cover band, and both bands do pretty well... AND people around here remember who my cover band is, hence the repeat bookings. Wrong on all counts. Not sure why there's always this snob attitude coming from both sides. Playing in a cover band doesn't make you less of an "artist", and playing in an originals band doesn't make you less of a "performer".
The originals gigs aren't about the money, though we rarely actually play for free. Normally we go in to a show with no guarantee of any pay, but because we're actually a decent band that draws a small crowd, we usually make $50 to $75 for a single 30-45 minute set. Enough to cover gas and any other expenses, and maybe some Taco Bell afterward. The cover gigs are about the money, but if I weren't still having fun doing it, I probably wouldn't be doing it. It helps me afford to be in an originals act while keeping a part time day job, and it helps me pay for the necessary things it takes to be in a legitimate originals band, such a professional recordings, merch, etc.
I will certainly agree to the fact that there are an awful lot of originals acts who just plain can't write a decent song to save their life, but on the other hand, there an awful lot of cover bands who play mediocre-at-best versions of songs.
I guess I'm getting pretty off-topic, so I'll just say, yes OP, you're right. The amount of covers acts looking for players is much smaller than originals, most likely because the working bands keep players around much longer on average. Money is a big motivator for most, but it takes heart and dedication to stick around in an originals band.