It is profitable in a way, actualy, when you realize you cut the costs involved in, say:
1-Infrastructure and labor force involved in properly feeding, herding, and generally keeping animals alive in semi-ok conditions;
2-Costs involved in keeping animals free from diseases, parasites and other similar things;
3-Costs involved in properly breeding (specially important for cattle) and accomodating baby animals with their mothers (otherwise you need a whole other chunk of infrastructure to handle that), logistics in avoiding inbreeding issues, etc;
4-Transport costs (you can't just pack animals in a truck to move them from place to place without damaging the product, and you also need special equipment to transport already slaughtered/butchered animals);
5-Labor, costs and risks involved in butchering;
6-Larger bones and some organs aren't a thing people generally like to eat, so you either need to sell them to other industries or incorporate them in the production of stuff that usualy don't sell for nearly as much as the meat itself;
7-The size and maintenance costs of the facilities you need to have to handle a profitable meat industry;
8-Costs in handling and dealing with animal waste (which is a cost you can recover by selling it as manure, but thats not something that can be done with every animal).
And several other details I can't even begin to imagine atm. Sure, vat grown meat does require its own infrastructure, which brings its own costs, but if the costs were even somewhat similar to regular meat production, I'm pretty sure there wouldn't be groups interested in
marketing and selling it so soon.