Profits are good
The possibility of profits is a sign that something is amiss in the economy, indicating that people are not taking advantage of mutually beneficial trades. The actualization of profits indicates that something is being done about these missed opportunities.
The possibility of profiteering signifies even greater gaps in the economic fabric. And if mere profits indicate an economic cure in progress, then profiteering is a sign that something of a substantial magnitude is operating to rectify the situation. Instead of moderate profits being acceptable, and profiteering being "exploitative," we can see that the greater the profits, and the greater the profiteering, the better off the economy is.
For more, see Walter Block's "Defending the Undefendable".