Its horses for courses, playing Bass is a different ballgame from Guitar my friend.
I've met many a Guitarist who thought they could just pick a Bass up and run with it. I'm not accusing you of that, but from what you've said, it looks to me like you overplayed....maybe not to your ears, but this was a high profile, professional band who knew what they were looking for, and you didn't fit the bill.
Thats nothing to lose confidence over, I once failed an audition because I had a beard!

But if you want to play that stuff then you have to do more than listen to records, you have to really know the style and be comfortable playing it.....I did a UK tour with a country rock band years ago, I had to work my arse off to get the style down and make it fit, I was just getting comfortable with it by the end of the tour.
I didn't get asked back but I enjoyed the challenge and the experience of being out of my comfort zone.
A failed audition does not need to be a negative thing, turn it into a positive man.
PS: If the band was that disrepectful towards you and your playing, then you should count yourself lucky you didn't get the gig, it doesn't sound like it would have been a healthy working environment.