There is no such thing as "excess profits" -- people start businesses and invest in businesses in order to get rich. Anything less than "excess profit" isn't enough profit.
One purpose of the free market is to deliver the best value to consumers at the lowest expense possible. If a company is making excessively vast profit, then there isn’t enough competition making a cheaper product of the same value to the consumer.
‘Excess profit’ can be argued as the free market not working. Profit has no value to humanity if the system doesn’t deliver on other promises.