Companies are not, in the long term, going to publish because of love of the game. They may say that but unless you're a boutique privately owned organization it's just not going to happen. Let's put it another way. If you can put $1,000 in a bank and earn 2% interest or put it into a hedge fund and make 8% where are most people going to invest their money? Assuming that you believe the latter is a safe investment you're going to put that grand into a hedge fund.
I do not believe most companies in the RPG business are in it to maximize profits. Why, you ask? Because they are in
the RPG business. If they were looking to maximize ROI, they'd be doing something else.
Lisa Stevens and Vic Wertz were absolutely
loaded with Pokemoney when they left Wizards. They could easily have retired and lived off interest from some index fund – I would not be surprised if they had actually made more money that way, and definitely done so with fewer headaches. But instead they started Paizo to take over the periodicals department from Wizards, which eventually lead to the whole Pathfinder thing. And while most owners in the RPG business don't start out with that kind of money, most are in a similar headspace.
That doesn't mean they don't want to make
a profit. But the primary goal is "make this thing I like", and wanting to make it in a financially
sustainable fashion. That's not the same thing as wanting to maximize profit.
P.S. I'd love it if some billionaire bought out D&D and made it their passion project and didn't care about making a dime (or even 2-3 dimes) on sales. Especially if they paid me a bazillion dollars to be a consultant. But if wishes were horses we'd be hip deep in horse pucky.
I would not. There are no good billionaires, and none that would make good stewards of D&D.
Paizo isn't posting stuff for free outbof generosity: that's a strategy to make money, same as ORC or the OGL.
Paizo is a very odd duck among RPG companies, because while most subscribe to the idea that adventures aren't profitable Paizo has made them the core of their business. Making the rules available online means they can include all sorts of things in their APs without any fear that people won't be able to use them because they don't have the books. It's also
really convenient when running games and I can look things up without flipping back and forth between multiple books.