To me, it doesn't feel like it is just a club that just serves to be an advertisement for Red Bull. To me, it feels like the NY area MLS club, which happens to be owned by Red Bull.
I agree completely with this, however this is only something you would know if you are already a fan of the team. It's not something you would necessarily feel if you are new to the team.
I agree with those who feel the corporate team name is a barrier to entry, because it is usually one of the first things friends and acquaintances bring up to me when I talk about the team. Is there any precedent for it in the United States or Canada? This article would suggest no other than the hilarious Miami Hooters Arena Football League team of the mid-90s. So it is a unique situation in this country and something that for many people (though obviously not everyone) makes the team seem less appealing.
I do think that once you go to games and see what it's all about it becomes immediately clear that the name does not matter, but I can absolutely see how it would stop someone from getting far enough to discover that.