Am I correct in assuming that the purpose of this coin is similar to some kind of decentralized GoDaddy?
Not GoDaddy but more like a decentralized ICANN; DNS.
"Namecoin is an experimental open-source technology which improves decentralization, security, censorship resistance, privacy, and speed of certain components of the Internet infrastructure such as DNS and identities..."
"Namecoin was the first fork of Bitcoin and still is one of the most innovative altcoins. It was first to implement merged mining and a decentralized DNS. Namecoin was also the first solution to Zookos Triangle, the long-standing problem of producing a naming system that is simultaneously secure, decentralized, and human-meaningful."
https://www.namecoin.org/