Who said Google wouldn't profit from this in some way? Does the fact that Google *might* make some money of this too (eventually) make it any less of a win for the rest of us? No. -- Regardless of how Google will spin this in their favor, we now have an Open-Source, royalty-free video codec to compete with the H.264 codec, and nothing Google may gain from this move will change that.
kissingthecarpet has a good point too. This is a major PR gain for Google. They've just (yet again) made a huge impression on the Open-Source, and web-development, communities, which are the groups that drive their open vision of the web, and help contribute to their various Open-Source projects.
And it's curious to see how you've made Google out to be a "profit grubbing" corporation, while apparently buying into everything Apple says. Apple and Microsoft have proven themselves, many times over, to be the "profit grubbing" types, while Google's main folly is their "open" interpretation of privacy issues. -- Keep in mind that most of what Apple and Microsoft produce cost hundreds, if not thousands, of dollars for consumers, while most of what Google produces is free for consumers. (They do of course make money of them, but at no cost to the consumers.)
I'm not saying Google doesn't have it's dark, uber-capitalist moments, but they pale in comparison to Apple's, and particularly Microsoft's.