As the OSI says in the post linked above:

This is not to say that Elastic, or any company, shouldn’t adopt whatever license is appropriate for its own business needs. That may be a proprietary license, whether closed source or with source available. [...] What a company may not do is claim or imply that software under a license that has not been approved by the Open Source Initiative, much less a license that does not meet the Open Source Definition, is open source software. It’s deception, plain and simple, to claim that the software has all the benefits and promises of open source when it does not.

A lot of companies are trying to redefine what "open source" means. And regrettably, this is probably something that was inevitable with a name as open to interpretation as "open source", but it's unfortunate that the OSI was denied the trademark for the term. If they owned the trademark, nobody would believe projects like ElasticSearch and MongoDB are open source when they do not meet the Open Source Definition (OSD), because those companies wouldn't be able to claim they are.

Open source was never about preventing people from making a profit. That sounds more like the original Linux license, where Linus Torvalds didn't want money to change any hands in the process of conveying the software. I can't imagine how much worse things would be if Linus never transitioned to a license that met the OSD. My belief is that there is nothing wrong with making money so long as the software meets the OSD. I know at least the GNU Project actively encourages people to sell free software.