This looks a lot like the common fallacy (in blockchain circles) that anything that is _possible_ is also _inevitable_. There is no reason at all why IPFS VMs would be profitable in the long term, especially since VM hosters are not stupid and would just dedicate their capacity to IPFS themselves, cutting out the middle man.

Of course, in the shorter term there are many different scenarios where the market is slower to adjust. The STORJ network has been subsidizing their node operators with VC money for example, leading to some excellent unit economics for the early adopters.