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The best way to legally protect the name of a band is to trademark it. Trademarks protect names, including the names of bands. With a trademark, you can legally protect the name used to identify your recordings and performances. Trademarking your band name is official confirmation that you legally own it.
In order to register a band name as a trademark, the band name must be sufficiently distinctive from other band names. So the first step in seeking trademark rights is to do a trademark search for related trademarks through the USPTO database. While you can search for words and phrases, not all trademarks are words.
Instead of waiting for inspiration, you can force the process. Load up a band you like on Spotify and start looking through their songs. Start writing down interesting words from their songs and discography. Start fusing different words together to create new words or phrases for potential band names.
No, you cannot copyright a band name. Names, including the name of a band, do not qualify for copyright protection. Copyrights protect creative works like songs, movies, and books. Names that cannot be copyrighted. The way to protect a name, including the name of a band, is with a trademark.
Typically, the issue of who owns the band name is dealt with in the Band Agreement. Often a leaving member will forfeit their rights in the name when they leave the band. In such a situation, the remaining members can continue using the name.