You hit the nail right on the head-it is very obvious that its all about profits. I travel twice/month on Flt AC211 out of Calgary to Vancouver. I can't count the number of times this flight has been cancelled for "mechanical" reasons. These folks really have no concern for the customer. As I said to one of their agents a few weeks ago "You charge us more and more and give us less and less-except for attitude." They just don't get it that it's our bums in the seats that pays their bills.
I look at buying a ticket as a contract. I pay you money in exchange for a seat on a particular flight. Don't bump me off the flight and then rebook me six or eight hours later and tell me you fulfilled your end of the bargain. Sure, there are times when its unavoidable (legitimate mechanical issues, weather etc), but I don't consider overbooking a valid reason. That is a policy for maximizing profit, customer be damned.
They certainly seem to do their best to live up to the motto we've come to associate with them: "We're not happy until you're not happy."