The bailout involved completely wiping out the equity of GM. The GM that exists now is a different company:

https://en.wikipedia.org/wiki/Motors_Liquidation_Company

The bailout can still have been a sweetheart deal for the creditors of the company, but it didn't do the old GM any good.

I tend to think the motivation of the bailout was to reduce disruption in the job market, I don't think there would have been much more than a short term disruption in the OEM business.