Profitability was never an issue. The primary purpose of the line was to provide a public service, which meant that it didn’t need to be profitable due to the fact that it would always be supported by a state subsidy.
Prop. 1a specifically forbid subsidies for the HSR project:
“The planned passenger service by the authority in the corridor or usable segment thereof will not require a local, state, or federal operating subsidy.
and
“...the planned passenger train service to be provided by the authority, or pursuant to its authority, will not require operating subsidy”
https://vig.cdn.sos.ca.gov/2008/general/pdf-guide/suppl-complete-guide.pdf#prop1a
But the HSR board ignored several provisions of Prop. 1a since 2008....starting with a “blended system” on the S.F. peninsula which violated the “2 hour 40 minute” “high-speed” provision.