I would argue that they are still trying to contend, but the definition of contending is much different in the modern era. All a team really has to do to contend is hang around .500 for most of the season to stay in the Wild Card picture. If enough things go right, they just might be able to squeak into the playoffs. The Cubs certainly aren't trying to win at all costs, but they are trying to contend within a certain set of self-imposed parameters. I do not believe that they spent money simply for cosmetic purposes. They are trying to straddle the line between building for the future, while throwing some darts at the present and hoping for the best.
The reality is that this team has the potential to be stuck in baseball purgatory for awhile. They look like a middle-of-the-road team that might be good enough to get into the playoffs in certain years, but is never bad enough to draft the type of high-end talent that built the 2016 team. The minor league depth has certainly improved, but I'm not sold on anyone in the organization being the kind of player who can get the team to the next level. The Cubs have made it clear that they aren't going to spend their way out of this hole, and neither they nor the fanbase have the appetite for a continued tank. That leaves a lot of wishful thinking that they are somehow going to be able to evaluate talent better than anyone else and/or strike gold on minor leaguers outside of the Top 10 draft picks. As things currently stand, I just don't see a likely path that leads to this team being a consistent contender in the near or semi-near future.
They are trying to win. They are just trying to do it in a very specific way that is unlikely to come together again in the way they seem to think it will.