The Jewish community created the text to separate themselves from those
around them. It made an insignificant tribe "special" as compared to
the Egyptians, Babylonians and many other nations that dominated the
world scene at the time. Has for History - there are snippets but if you
study archeology you'll find that there is more story telling and myth
than actual true history. As for guidance and morals - those who have
faith in the text never look at the inconsistencies, contradictions and
outright immoral acts committed by the faithful and god himself.
Ultimately, its purpose depends on your own perspective. Many cannot
live without it, since it defines the very essence and purpose for their
existence. As for me, I enjoy reading it and reading about it with an
open mind to see what makes sense, what is absurd, and to discuss it
with religious and anti-religious minded people.