I disagree with this entirely. If this was true, the main question we would ask in a business is whether or not the output was useful. We don't ask that, we ask if it's "sustainable", "profitable", etc... We ask what the moat is around it.
There are many useful things you can do that you won't be able to make money off of. I don't think it's uncommon either. Business is a great way of extracting value, I like business as a value extractor. But it's a specific way of extracting value. There are lots of things that are valuable that don't happen because it's not clear how they would be profitable.
I mean, the simplest example here is you can build things for people who don't have money. It's not the only example, but it's a pretty obvious one. And you are not going to make a lot of money doing that unless you build a predatory or exploitative business.
> or somebody else will "make money off of this" using what you have created
I will also point out that if other people making money off of the things you do is a turn-off, it's not clear to me what value you think you're creating. I would argue that "meaningful work" very often benefits other people, that's... that's the point. If you're not giving people more value than you're taking from them, you probably aren't doing useful work. Are you arguing that it's less valuable if people are extracting extra value from the things we do?