CS:GO is very profitable.
There are just a lot of greedy businessmen who came into the industry expecting it to be a gold mine for them, so when they're not able to buy that third Ferrari off of esports profits they cry about the industry being "unsustainable" and "in financial ruin"...
Some of the casters and analysts are just as bad. They earn more than scientists to do something which is effectively a hobby, yet that doesn't seem to be enough for them. They've watched esports boom and now they're mad that they're not millionaires already.