If Penguin considers profile links spam...

Then why do most link building services here on BHW use forum profile blasts?

I get that it's usually the web 2.0's they're blasting (tier 2's), but wouldn't that just make them appear spammy in the eyes of Penguin, and therefore the money site?

You're thinking in the wrong direction....don't look what majority do. Also, not all sites with profile links won't be penalized, it depends on your link profile a lot...there are a lot of variables

Profile and article directory links are the worst types of links to acquire after the penguin update.

It's basically worthless in the real sense.

Contextual links has and will continue to outweigh them in terms of ranking power..

Unfortunately, many newbies still use their money to buy these profile link and hurt their site.

Profile Links used to be great but now they offer little to no value and can be one way Google zooms in on your Site
to penalize it.

The reason is anyone can build profile links and automation is very high in building them ---> so they offer little benefit.

That's why so many Services offer them as well -- cheap/easy.

Seo these days tends towards quality and long term -- those type of people with this approach will be around for the long term - those trying to short cut the system won't survive.