You can make a lot of money with web hosting. If I understood server setup and other technical things, I'd do it myself. But since I do not, I on occasion promote affiliate links for hosting.
But... if you can do the marketing, promotion, and technical, then go for it. I understand the trick to have a high converting website and that is why I only promote one company even though no one has ever heard of them.
As a host though, if you have an affiliate program, you have to give up a lot of cash up front in homes of recouping it with high retention and other services.