I mean technically that says that your site won't appear in search results, not that your site won't be used to profile people, determine other site ratings based on your site's content etc.

they won't show your site's content, but that doesn't mean they won't use your site's content.

I thought that (i.e. removing the site from google search) was the goal.

I'd review the other usage on a case by case basis; e.g. determining ratings of other sites seems fair use to me. I'd guess you're allowing others to use your site's content when you're making your site public (TINLA).

maybe, but I guess I would be cantankerous enough to see the goal as preventing google from profiting off your site.

Until they change the rules again...