I think the cost of SMS messages are a large part of their value. You can send a message to any phone yet you don't see SMS spam.
I definitely get SMS spam. I think part of the profit model on SMS spam is that they are high-cost, opt-in messages (that you didn't sign up for). The senders are using a rebate style model, hoping you won't expend the effort of getting your carrier to remove the charges.
And then of course I get random, wrong number SMSs, which still cost me.
I have unlimited free incoming sms messages. The only time you get charged is if you're on some pay as you go plans with certain carriers.
Another thing that's crazy is the cost of your txting plans/packages. My mom and sister are on $25 plans here and get unlimited txting included for free.