While it is true that SMS is carried in the control channel of GSM [1] and that control channel has reserved bandwidth not available for voice call channels, it is also true that heavy SMS traffic will saturate this control channel and that some carriers have had to increase the control channel bandwidth in order to make room for the volume of SMS. You can observe the control channel saturation (and resulting inability to set up new calls, while existing calls continue fine) in any major city in the UK from around 23:45 on 31 December to 00:30 on 1st January. So the carriers do have to put a bit more bandwidth into lots of SMS.
However there is also an SMS messaging centre to operate, which is a pile of computers to route messages, as well as storage on each cell base station for the SMS waiting to be transmitted to the handset - rather like email it's too cheap to meter, except for all those mail servers you need to forward and store the email.
The profit margin on SMS is clearly huge (consider that bulk SMS rates are at most half the cost of single SMS out-of-plan from a handset in the UK) but it's not 100% profit and 0% cost.
And finally, think about spam: the reason you don't get much SMS spam (compared to email) is that it costs quite a lot to send SMS compared to email. If you make SMS as cheap as email, you'll make it as spammy as email, and you need to think about how to avoid that.
[1] I'm going to ignore CDMA here, I wish the rest of the world would do the same.