These guys can never articulate how government regulation actually prevents space travel, it's always just a vague gesture towards "inefficiency." It's just a mantra to them. They repeat it hoping that if they say it enough times it'll become true.
Profit is an inefficiency baked into any private endeavor. It's a fact. A portion of the capital must be siphoned off instead of being reinvested. Otherwise there's no fucking reason to do it that way.