I think you can't deduce from the risen hashrate that mining has become more profitable. Only that it stays profitable, but currently only for those who can afford efficient ASICs and cheap electricity. The hashrate increase is very likely largely a product of hardware improvements (Moore's law).
That's a good point but that's also only one of the things affecting the hashrate rise.
Keep in mind hardware improvement doesn't happen every day. For example Bitmain released S19 miner in 2020 but then the next major improvement which is S21 released 4 years later in 2024.