It isn't just GPU profitability that's way down, its everything. Asics are a terrible investment too. If you're a student of history, you'll know that the people who got rich during the California gold rush weren't the miners, it was the people selling the mining equipment. Same is true for crypto. Unless you manage to get ahold of the latest and greatest asics before everyone else, and get real lucky mining, you're playing a losing game too if your angle is to mine and dump.
That said, I'm not a big time miner by any stretch, I have ~5Mh. I knew the bubble would pop in dramatic fashion, and it is, so I didn't go overextend myself buying gpus or delude myself into thinking I would keep making huge profits. What I am doing is continuing to mine what I think has a future and diversifying my portfolio. Sure, I'm not making any money atm, but it may pay off in the future. I want to get my hands on as much btc, ltc, etc as I can while the diff and prices are down. I'm in this for the long haul, not a quick buck.