If you look at it from an aspect of current/present bitcoin price, than it is not profitable and it never was. However price is kinda wild with this one so even those tiny bits today can be worth something in the near future. I think this is the main reason anyone is willing to spend their time clicking out those tiny satoshis.
There is of course another side to all this micro earnings from faucets. Your wallet clutters with small transactions and multiple inputs, making your future bitcoin payments quite a bit more expensive. Better to use some disposable/online wallet for such activity, after a while sending in bulk seems like the only reasonable "workaround" of this problem.
I wonder when it will become absolutely unprofitable for faucet owners to run their sites, at what BTC price? There is a limit, take freebitco.in for example, 11st/h soon -> 10,9,8...1?