If you continue with the World War I analogy, Bakhmut looks a lot like Verdun: a gory battle of attrition over a location with limited strategic significance. At this point, it also appears that the result of the battle will be the same: a victory for the defenders.
There is one meaningful difference. I could never figure out why the German General Staff thought attrition was a viable tactic. The Russians, however, have an obvious manpower advantage, so attrition makes some sense.