I guess a better characterization is that it's more profitable to be in a meta-business than what's stated on the label. The original business is a almost a foot in the door and the money is all in value adds, ancillaries and side quests.
McDonalds -> leasing land to franchisees. Private equity -> saddling existing business with debt while chopping them up for parts. Stock markets -> pump and dumps. Selling anything -> rewards programs and branded CCs. Car dealerships -> captive audience for servicing. Owning real estate with the goal of leasing it out -> speculation on its value.
