I don't mind a project that is profit motivated since it incentivizes the people working on the project as well as drives them to create solutions that solve customer problems. I do, however, have a problem with VC backing due to their frequent insistence on pushing for short-term maximal share pricing rather than long-term value. Modern VC also seem to suffer from a fatal mixture of hubris and narcissism, certain of their genius and business acumen despite all evidence to the contrary.
When advising start-ups who are taking on VC funding and the inevitable "business guidance" they push on founders I like to remind them that even the best investors are only good at investing. If they were good at business, they wouldn't bother with investing in other companies but instead start companies themselves since they would own 100% and maximize their returns.