Profits are bad when they exist due to unethical cost cutting. Profits are bad when they artificially lower the cost of the good by exporting the costs to other people.

If a clothing company is profitable because they use slave labor, that is not good profit.

If an oil company is profitable because they do not address the environmental impact they have, that is not good profit.

If an insurance company is profitable because they refuse required treatments for their customers, that is not good profit.

You have a very simplistic view of profit that is not based in actual history. We have centuries of seeing this exact thing happen over and over again. Just because something is profitable does not make it good. Only someone obsessed with theory while ignoring the practice could think otherwise.