Once you're already profitable, it's probably not that attractive. I've explained it to myself in the past by thinking about the would-be founder who's bootstrap-inclined, but who'd rather "go for it" now rather than doing nights and weekends for 18 more months before quitting their job. This person might not want or have access to traditional VC, and wouldn't be able to get a traditional loan. If all goes according to their plan, when that 18-36 months is up, they've paid back this "really expensive" loan and own 100% of their now profitable company.