Mining profitability sounds too good! Where is the catch? (2017 edition)
There are many catches.

First of all, the difficulty will adjust and change as new hash power is added. That will then cause profitability to decrease. When new hash power is added to the network, the difficulty adjusts upwards to compensate for that so that blocks continue to be found at a 10 minute interval on average. This means that more work (i.e. more hash rate) is required to mine blocks and thus, given a fixed hash rate, profitability will decrease.

Also, the block reward halves every 4 or so years. That will also effect profitability.



Besides the technicalities of mining, there are also other forces in play that effect profitability. Mining hardware is kind of difficult to acquire; either you have to have millions of dollars to buy something from BitFury or buy equipment from Bitmain which can often be out of stock and unavailable.

Lastly, the price of Bitcoin has a significant effect on profitability. Only recently has Bitcoin's price been high enough to be profitable to mine in the United States (or in many other First World countries). The price of Bitcoin remains highly volatile, so investing a lot of money into mining equipment is extremely risky; the price could drop quickly within a few weeks and make mining very unprofitable.