This is the truth for most "let's hire a band" gigs. One of my bands is a variety act that plays pretty much everything... Tom Jones to Journey. We do a ton of weddings and corporate events. It's fun, and pays well. It isn't exactly high art, and obviously we don't do originals in those settings, but it's a great way to expand your playing chops AND a great opportunity to delve into programming your AxeFX tones to match a wide range of signature tones.
I've seen a number of quite talented solo performers doing these kinds of events as well, and in my experience, there are two paths to success here: (1) be a total showman and be entertaining as hell (and be prepared for requests / drunk singalongs), or (2) be innocuous and just provide background music. Path #1 means you'll have to be quick witted, funny, comfortable in front of potentially weird / disinterested audiences, and ready to respond when someone says "my great-step-aunt-in-law used to sing in high school and we want her to sing [insert name of song you have never attempted to perform]". Path #2 gives you some insulation from that, as you can just sit in a corner and play material that you have prepared in advance. I sometimes get hired to play classical guitar at wedding receptions, and most of the time people are only barely aware I'm there. I had a super crappy wedding gig once where I was playing a bunch of classical music (selected by the bride) and people kept making requests for radio hits. I adopted a phony (but nonspecific) foreign accent and looked at them as if I didn't understand. Keep that strategy in your back pocket for social emergencies.
If you want to get more gigs and referrals, go with #1. If you want to hone your solo performance, go with #2.