The back story to 48 Hours highlights just how unique the band was. The studio decided that they wanted a black rock and roll band for a scene in the movie, and The BusBoys were one of the only bands that fit the bill. It also didn't hurt that they had the same agent as Eddie Murphy. However, their label (Arista) never did figure out how to promote the band, and dropped them after two records. While they did have a minor hit with "Cleanin' Up the Town" from the 1984 Ghostbusters soundtrack (it hit #68), even that was not enough to convince a major label to re-sign them.
Although they never really broke out, the band has remained together and continues to perform to this day.
I also have to say, I dig the old school MTV intro.