You could argue about exposure and banks that failed would have had larger impact on ordinary people than the 99.999%. But I generally agree with your comment.
You don't remember the 99.999% being offered unjustifiable mortgages? That was a big part of the financial crisis.
Er, the banks were bailed out of those terrible decisions. Individual homeowners were left to hold the bag.
If you wanted to bail out the home speculators individually, the analogous approach would be to buy their houses at below the prices the speculators had paid, essentially a short sale.
Remember TARP bought the assets for close to their realized value, so the loss was already priced in.
The results do not justify the process. Would small business owners be offered the same loans that were unjustifiable based on assets:liabilities? I can answer that for you right now as someone who has cash in the bank to cover a six figure loan but can't get one due to a 690ish credit score: No, they won't.
That we made a profit on (some of the) bailouts doesn't matter. The same process would never be offered to 99.999% of the other citizens of this country.