Well, maybe now people will get more familiar with the brand thanks to this upgrade. But it is a French business, so it may be normal you have not heard about them.
At least, a good name is a start. When you have a good name, it gives you a big credibility boost and promotes your business. If you have a bad name, it is the opposite: your business must promote its domain name. I prefer a domain name that works for me...
I can't see how this is a waste of money, it is an asset that can be liquidated in the future, if their plans change or do not pan out as expected. A good domain name is an asset that can be resold.
In 1997, 20 years ago, totally different era. There was a lot more choice back then. You could still hand reg LLL.com.
I mean, every premium domain has been a handreg once.