Yes, you pull it out of the machine, open the lingerie bag you have felted it in, look at it and if it is felted enough, take it out. If it is not felted enough, put it back in and run the machine some more, checking frequently. People with front loading machines are at a disadvantage in felting because they can't check on the progress.
When you are satisfied with the degree of felting, squeeze out as much water as possible. Rinse. Squeeze out water. It is risky to use the washer spin cycle because any resulting creases are permanent.
Shape as needed, pulling to shape if necessary. For something like yours bowls, make sure you are allowing them to dry with a flat bottom. This may require that you put something in them to keep the bottom flat. You can use household items to get the right shape. I have used mixing bowls to block hats.
Good luck with future felting. Don't give up on it yet!