Agreed. The real issue isn't profit in itself, it's are those pursuing profit willing to allow what they do for profit to be limited by appropriate morals and ethics? The profit motive is good in a context where other influences keep people from crossing moral and ethical lines in the pursuit of profit. Make the profit motive the 'only' good, and it can't help but turn corrupt, as there's nothing to limit what's done for profit. The problem isn't the profit motive itself, it's the lack of belief in sufficient moral and ethical codes with enough authority to keep people from going over the lines.
The ironic thing is that there are two groups that tend to conflate the profit motive and greed, and they're on the opposite ends of the economic political spectrum. The economic far left conflates them because they erroneously see the profit motive as an intrinsic evil, and the economic far right conflates them because they erroneously see the profit motive as an independent and non-overrideable good.
G. K. Chesterton nailed it when he observed that when a moral scheme (he actually said religious scheme) is shattered, the problem isn't only that the vices are let loose, the problem is even more that the virtues are let loose and run around independently, and a virtue separated from the other virtues that balance it wreaks havoc, not good.