Seems like The Ramones were way ahead of their time, whether they knew it or not. Before the digital age, most bands made the bulk of their their money from record sales. Concert tours were just promotional events for the latest album. That model has since been flipped to what The Ramones were doing 50 years ago - "music sales" earns little compared to concerts and merchandising. Now that's punk rock! LOL

I think you are describing the most successful bands. I wouldn't be surprised if the average band good enough to play a small venue made more money on the shirts than the records and tapes. People weren't choosing them from among all the bands at the record store but from all the experiences in the town that night.