Only point in creating a CD is that when people say "have you got a CD" you can say "Yes - I'll send you one", rather than "No", at which point the conversation stalls with "When you've got one, send it to me.".
You're then stuck with either "Ok, bye" or "but the boys on Basschat said we wouldn't need one...".
Not that anyone will actually listen to it, or sometimes even admit to having received it. But it's one less excuse for them not to book you.
And recording stuff is fun and often will make you a better band. Esp when doing originals, I find they really only come into their own when the songs have been recorded and we all either change parts or stick with what it is. Before then things are subject to more changes.
So yeah, it's a good idea, and something we do / I've always done in bands. But it's just one thing, it's not like you can make a CD then sit back smoking cigars waiting for the phone to ring.