It costs the carrier more bandwidth to send the signal to “ring” your phone than it does to send a SMS. So it’s pure profit. Even charging a cent would be a cent of profit.
I read that it actually costs carriers more bandwidth (hence money) to send the phone the data to “ring” then it does to send a text message. So your phone ringing costs more than getting or sending a text… so those sms profits are insane that the telco cartel charges.