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I'm sure some is profiting from his estate, no?
Well his estate is pretty loose about enforcing copyright and don't take in much per product. That's why you see so much merch. Secondly they are not some racist dipshit.
Plus, it was a shared mythos. He created the main core of it, but others contributed as well. So, figuring out copyrights would be difficult, since some stories reference other stories. Remember, they thought they were just writing some horror stories, but that they would never be something anyone other than other horror story enthusiasts would see.
IP was not a thing yet, and they were just writing for fun. A modern version would be the shared SCP universe.
Their right to anything is as fictional as any of his works
https://lovecraft.fandom.com/wiki/Copyright_status_of_works_by_H._P._Lovecraft
Is his estate run by raging racists?
No
Hello, username cousin
His works are public domain. People are profiting who did their own work compiling or creating derivative works