The ability to rank sites and pages highly in the search engines is synonymous to one thing: traffic. And in short traffic is money.
The thing about traffic is that you usually have to pay for it one way or another. You can buy PPC advertising, ezine ads, offline ads...
You can write articles and syndicate them through out the web, build content rich sites, buy links. All these methods are resource intensive. You could work at it for months or spend thousands of dollars and see hardly anything in return.
With black hat SEO, you can reap similar benefits as you would from owning a regular website but you will see results much faster and with much less work.
When a trained black hat SEO builds their sites, they have a monetization model in mind. Generally those involve Adsense and or Affiliates. Some smart cookies even use traffic to generate signups to squeeze pages. The choice is yours.