Normally in economics when prices fall due to rising supply, demand tends to rise because more people can now afford the goods. However, in MMORPGs demand remains non-existent mainly because better items are provided by the game. In fact the items that are provided by the game in the form of quests, NPCs, and drops are usually better than the crafted items and therefore, players have no desire to purchase crafted items. As a result, crafting become just a niche and a time or money sink. The only players who really benefits from crafting are those who were able to become server’s first end game crafter well before everyone else.
If you want to become rich by crafting you definitely need to become the server’s first (or one of the server’s first) max level crafter, because this is the time where profit margins from crafting will be at its highest. Once the masses reach to max level crafting, the value of crafting become non-valuable.