You would run out of mats pretty fast in ESO
Hirelings dont give you enough on their own to sustain writs, not even close. You also need about 70 skill points per toon and they must be at level 50 in all crafting lines. This is not exactly trivial to do.
A lot of people will point to Writs, which I am a big fan of. What people leave out is that your typical gameplay will support 1-2 characters doing writs. I personally do them on 8 toons, which is approx 32k a day just from turning in the quest. The problem is that this is not sustainable. You will absolutely need to purchase (or spend a lot of time farming) Silk and Rubedite pretty frequently, and occasionally, nirnroot. The rest seems to be pretty self sustaining (I buy a stack of Oko like every 6 months).
I absolutely believe they are profitable, especially after factoring in gold mats, but you need to figure in the input costs. I make about 225k a week from turning them in, and probably spend 50k about every 10 days to buy mats to feed the habit. But again, that is just the gold. The mats makes them much more valuable. So thats like 750k a month, plus probably 8 gold mats a day (average about 1 per toon, maybe a little less).
It takes me 37 minutes to do writs on 8 toons. I do very little else for gold in this game other than sell the occasional unique item I find. I am closer to 8 figures than I am to 6. Haha.
If I was starting from scratch all I wanted to do was make gold, I would just farm nodes for gold mats. I think its not hard to make 30-50k an hour doing that, so then it just comes to how much time you got. You can make tons of gold flipping stuff, but you can also lose your shirt. It also requires that you have some seed money.