You left out the "by way of selling your personal data, violating your privacy, and having a persuasive (addictive) design in order to glue you to the screen so they can maximize their ad revenue, dismissing any human cost those practices entail" part. I don't associate the word profit with a bad connotation univocally; that's only an assumption on your end.
But yeah, Facebook tries to make Facebook a site you want to visit. Youtube wants you to watch YouTube. Should they try to make sites that aren't engaging?
Maximising ad revenue also seems not terrible for users? A week ago I saw an ad for some pants, and I'm wearing them now. I spent ages walking around town looking for pants I liked. Hopefully next week they start showing me shoes. IMO advertisers and these platforms tend to have incentives pretty closely aligned with their users'.
(Dunno about selling data. I thought that had stopped happening, and I don't like the idea.)
Sure, the internet mammoths of today make their profit tat way, but this legislation is probably going to be around for a very long time. Platforms of the future might find other ways to make a profit. (Or they might not, because legislation of this sort makes it much harder for a new platform to rise and challenge the mammoths)
I take issue when people use the word profit to mean some evil, shameful thing. Youtube has amazing content and tools, and I'm sure a lot of their profit is re-invested in the platform. I doubt these other platforms come close in terms of functionality and UX. Peertube site design looks like it's from 2005. I know that might not be indicative of their core features, but first impressions are important, and this does not bode well.
There's a reason mainstream users never flock to these decentralized platforms: they don't have the fit and finish of a commercial venture.