Have you ever given any thought to what profit is, what role it plays in an economy? You dismissed the idea that profit is payment for services rendered, but it is that, and more. It's a deliberate allocation of society's resources. It's people deliberately giving their money to the those who can best provide them with their wants and needs. That's a good thing. We want the people who are good at managing capital and labor to have more capital and labor to manage. The people who are best to have the most. Because they've proven they'll do things we like with that power. And if they don't, we'll stop giving them our money.
When we "eliminate profit" we break that feedback loop. We're essentially saying to consumers, "You're doing it wrong", that the priorities and values expressed by society via the market aren't valid and only government overseers can make the call. That, to me, is about as undemocratic as it gets. You'll may find consolation in the notion that you get to vote for the overseers every few years, but that's a sad replacement for the real time feedback of a free market - where "voters" can express themselves every day.