It has potential to make money, but so does collecting baseball cards. The majority of people keep the nicest ones they've got on display and spend much, much more than they 'make'.
I agree that a lot of people get into it trying to make quick money. Those are the people selling their animals for half price in 'collection sales' because 'real life is nuts'.
When you factor in time and energy I don't think it's very profitable. Even the big breeders are not driving around in fancy cars. They do it because they like their job more than a different one. It's like creating another type of business. It takes a lot of money up front, way more time than the profits are worth, and a huge amount of energy. If you're lucky and work really hard, your efforts pay off by putting you slightly into the profit zone. NOBODY is rich from ball pythons. FEW people are getting by. VERY FEW people are 'somewhat well off' from it.