Yes, and no. Care companies still post profits in the millions of pounds. The Priory Group was sold last year for £2bn, iirc, and a local company who own a mere 6 homes made £1million profit in 2017-18 (I checked once after working there for a few shifts and being appalled at some of the things I saw)
I believe there is plenty of growth potential in SC wage structures, but at the moment it's mainly bound up in directors' bonuses and shareholder dividends. This creates the 'market conditions' to which then charities and other nonprofit organisations fit their business plans, and LAs budget for.