Not directly, but if it can save a university from having to use their endowment or other funds for something they would probably already do anyway, is there fundamentally a difference?
Of course grants are an economic incentive to do something. But not all economic incentives are profit.
Edit: To be clear, universities as such don't generally apply for research grants. Researchers in universities do, and for getting a grant they get the luxury of working for a salary for a few years, or getting somebody else to be paid for their work. Universities do take a cut (overheads) from the grants to nominally pay for infra and admin etc, but in reality a lot of it is spent on all kinds of non-related things like teaching and alumni dinners and chauffeurs for the provost.