Can I give examples? At the risk of repeating myself, kitting, manning, training, infrastructure and aircraft development.
Is it offensive to make money? Perhaps it is when it's people's misfortune that you're making it from. Double that level of offensiveness when you're replacing a publicly funded service that is a necessity for the population as a whole.
Identify the difference between luxuries and necessities and you find the demarcation line between offensive profit and inoffensive profit. Postage, keeping your home warm, train travel: all necessary public services, all privatised, all much pricier than they used to be and all now run with the primary responsibility towards shareholders who don't give a sh1t about the person who relies on those necessities. All they care about is the return on their investment and it is to shareholders such as these that any provider of a privatised SAR service must also answer. And what suffers? Kitting, manning, training etc.