What it probably did was tie up resources like fuel, ammunition and food... and importantly, the transports to get it there. Japans entire Pacific war was fought on a weak logistical shoestring. They never had enough oil (the reason many Japanese battleships did not sortie to the Solomons was due to not enough oil.)
Its always logistics.. always, especially in a global industrial war of attrition vs an industrial powerhouse. I don't think the Japanese ever figured that out.
Now what the US did and it fits with US strategic/operational thinking is it used a broad front strategy in the Pacific, just as it did in Europe, and thus the two pronged approach was taken that nearly conquered the whole of the Pacific. Operationally, this might not have seemed sound as a single thrust as I describe some posts above was doable, but with more risk. But strategically, and think now about the notion of a global industrial war of attrition the two pronged/broad front strategy makes sense as it plays tot he the strengths of the US: the ability to make a lot of matériel, man it, organize it , train it and get it to the fight anywhere on the globe. Thus this force hitting the Japanese across the Pacific wherever and whenever the US could, would wear them down regardless of tactical and operational outcomes. This is truly the "American Way of War" and is why nobody tries to fight the US this way anymore.