Oh, I'd be willing to bet there is a lot more there, especially if they actually had the intention of doing what they originally said they would do with them that never came to fruition.
Example, you were supposed to be able to walk up to a NextGen Mickey, and he would know your name, and if it was your birthday, etc. In designing for something like this, it would have made much more sense to carry that data over to the MagicBand database itself, instead of having it hit the reservations system constantly to access that data. Both in terms of speed and database load on the reservations system.
It also has the unlock codes for the rooms they are authorized for, as well as the admissions media attached to that user - or you'd be waiting with a delay like swiping a credit card transaction every time you used it, instead of the nearly instantaneous way they work now. It may not sound like a big difference, but when opening your room door or using it to enter a park, a second or two versus even 7-10 seconds really adds up (both for the user and overall operational efficiency).
I'm pretty sure we would find that instead of just a simple link to your Disney profile, there is quite a bit of data copied over to the MagicBand database, which might be redundant at first blush, but operationally makes the whole system (and what it was intended to do) much more efficient.