Justification based on profit was always absurd
The only way Galileo could ever be justified was for ESA to have an independent position system for security reasons. Like the article said, trying to make a profit by selling something that is already free is pretty tough problem. As far as their timeline and costs, it does seem fairly costly and slow considering the technology advances as of late. It probably is related to Airbus effect, i.e. the design, development, and building of complex technology with a consortium of committees rife with politics isn't all that efficient.