Is that really unfair? Surely we can see that in capitalist societies, profiteering from other peoples work is one of the core tenants.
Not that you've used their work without paying.
Surely this is already ironed out, no? What are laws regarding transcriptions?
Yes this is ironed out. It's completely illegal, as it should be. No question about it.
If you're translating subtitles (without accompanying images) for someone to use together with the original media, then there's a good argument that's legal (even though many courts disagree), since you're not taking away from sales -- you might even be helping with them.
But creating a comic-book version of a movie you can read instead of watch? That's just blatant copyright infringement, period.