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So what if the GameCube was profitable (probably barely at that)?

Wii U development costs are likely 2-4x the GameCube for starters. Wii U R&D costs are probably higher too.

It's not 2002 anymore.

GameCube had like 100+ third party titles released for it in 2003, the Wii U has dramatically fewer titles meaning Nintendo also is making a ton less money off third party royalty fees to the point where next year they'll barely make anything at all (only like 7-8 third party retail titles planned for the entire year).

Beyond that the Wii U is selling considerably worse than the GameCube.