Loss of profits may be just one of the many concerns. There are other factors in play as well. Some of them are:
1. Olympic athletes are subjected to drug tests. BCCI has not given approval to this.
2. There will be no automatic qualification for all the 11 test nations. BCCI/ICC is against this.
3. A global tournament such as Olympics can have a negative impact on other ICC tournaments.
4. Only citizens of a particular country can represent it in the Olympic games. This means that UAE, USA.etc can't field teams.
5. It may cause complexities to some of the existing teams. For example, England, Wales, Scotland and N.Ireland will be forced to field a single team (which needs to include other teams such as Bermuda, Anguilla.etc as well). Ireland team will only consist of Republic of Ireland. Northern Ireland players can't play for Ireland.