The punchline is that there's no restriction on what a ccTLD operator can do under their namespace. They aren't governed by ICANN regulations. It's common to restrict domains on ccTLDs to be related to entities doing business in that country, and to require verification of such upon registration (and take it away later if it's found to be in violation).
In a lot of cases making money isn't their primary goal. Most ccTLDs are run by their respective governments, in which case the total revenue from domain sales is insignificant compared to the national budget. Or they're run by universities or other affiliated non-profits.
And even if they're behaving in a seemingly sane way now, they can always change policies down the line. With gTLDs there's real contractual protection; you have ownership rights of those domains that don't exist in the same sense for ccTLDs.
https://en.wikipedia.org/wiki/.ly#Domain_hacks
The punchline is that there's no restriction on what a ccTLD operator can do under their namespace. They aren't governed by ICANN regulations. It's common to restrict domains on ccTLDs to be related to entities doing business in that country, and to require verification of such upon registration (and take it away later if it's found to be in violation).