Raising money is about convincing investors that you can solve someone else's problem. Or even more abstractly, about convincing investors that you can convince other investors that you can convince other investors that you can solve someone else's problem. That's enough layers of indirection that signaling games start to overtake concrete value a lot of the time, and that's what gets you your Theranoses and your FTXes and the like. You get into "the market can remain irrational longer than you can remain solvent", or its corollary, "the market can remain irrational long enough for you to exit before it wakes up".

But making money means you are solving a problem for your customer, or at least, that your customer thinks you're solving a problem with no additional layers of indirection. And if we take "making money" to mean "making a profit", it also means you're solving their problem at less cost than the amount they're willing to pay to solve it. You are actually creating net value, at least within a sphere limited to you and your customer (externalities, of course, are a whole other thing, but those are just as operative in non-profitable companies).

I think this is one of the worst things about the way business has done today. Doing business, sustainably and profitably, is an excellent way to keep yourself honest and force your theories to actually hold up in a competitive market. It's a good thing for you and for your users. But business has become so much about gathering sufficient capital to do wildly anticompetitive things and/or buy yourself preferential treatment that we're losing that regulating force of honesty.

[1] see my HN profile for more on that if you care