But you can't fake profits that way (without cooking the books); you can only fake revenue. That's why profits matter.
Though I guess with high velocity of money circulating in tight loops, everyone involved can feel rich. 1 million dollars changing hands once per day can potentially mint 365 'millionaires' during the course of a year. If they just pass it back and forth among themselves to buy each other's stocks and products and don't let that money escape their network to actually pay for something useful, they can all be millionaires... On paper.
Not to mention how relatively small amounts of money, moving at high velocity, can inflate asset prices... On Alice's birthday, Bob can buy 100 shares of Alice's shell company at a price of $10 per share. If Alice owns 1 million shares of the company (which she founded), it means that Alice's net worth is at least $10 million... It cost Bob only $1000 to give Alice a net worth of $10 million. Now imagine that same $1000 moving in and out of that company's stock, traded 1000 times per day between various people. With just $1000 circulating back-and-forth at high frequency (A.K.A. high-frequency trading), you can generate a trade volume of $1 million per day... So it all seems reasonable; a company with a $10 million valuation with $1 million daily trade volume... Nothing suspicious. So you can basically start a shell company and fake everything; from the market cap, to the trade volume; using only a relatively small amount of money. This is what they were doing in the early days of crypto.
The same money can hop around in circles between an insane number of people when it's just 'revenue' because revenue is not taxed (after expenses). Only profits are taxed... But the same money, as profit, can barely hop between 6 people before it's taxed down to just 10% of its original number. High-velocity revenue can severely distort people's perceptions of the market, especially in the era of media filter bubbles.