The explosion of PBC structured corps recently has me thinking it must just be a tax loophole at this point. I can't possibly imagine there is any meaningful enforcement around any of its restrictions or guidelines.
Not a loophole as they pay taxes (unlike non-profits) but a fig leaf to cover commercial activity with some feel-good label. The real purpose of PBC is the legal protection it may afford to the company from shareholders unhappy with less than maximal profit generation. It gives the board some legal space to do some good if they choose to but has no mandate like real non-profits which get a tax break for creating a public good or service, a tax break that can be withdrawn if they do not annually prove that public benefit to the IRS.
It’s not a tax thing, it’s a power thing. PBCs transfer power from shareholders to management as long as management can say they were acting for a public benefit.
PBCs don’t get special tax treatment. As far as I know they’re taxed exactly the same as typical C or S corps.