There is a big difference between revenue and profits. Most airlines still make less than 5% return on investment, even in the boom times (aka low fuel costs). There are exceptions of course.
Was it Warren Buffet that said "If I had been at Kitty Hawk, I would have shot them both"?
Regulators don't help where, in the USA for example, fares are subject to a tax, but charges are not. It sorta encourages this practice.
At the end of the day, I prefer to pay for what I want, and not subsidise other customers.