That's the intent of the arrangement, but there's also limits - when that pursuit of profit begins to interfere with the charter of the non-profit, you end up in this situation.
> OpenAI’s mission is to ensure that artificial general intelligence (AGI)—by which we mean highly autonomous systems that outperform humans at most economically valuable work—benefits all of humanity.
My interpretation of events is the board believes that Altman's actions have worked against the interest of building an AGI that benefits all of humanity - concentrating access to the AI to businesses could be the issue, or the focus on commercialization of the existing LLMs and chatbot stuff causing conflict with assigning resources to AGI r&d, etc.
Of course no one knows for sure except the people directly involved here.