I would argue with profiteering as a concept because it is so ill-defined. There is no agreement on what is "excessive profit" for one it is a matter of opinion

I would argue with profiteering as a concept because it is so ill-defined. There is no agreement on what is "excessive profit" for one it is a matter of opinion cast as ironclad fact. The mathematical implications also can get quite silly - if you get overpaid for manufacturing guns but are awful in efficiency and but well financed and don't break even you cannot be accused of profiteering.