@Eric_A's comment basically says it all. Profile module is deprecated and shipped with D7 for legacy reasons (D6 upgrades) only. Besides the resources mentioned by Eric_A, there is also the Administer user profiles in Drupal 7 handbook page which tries to explain the situation and offers ways to enable the Profile module if you absolutely need to do so.
Comments
Comment #1
eric_a commentedProfile module will only show up for people who are upgrading from D6, and have already used it.
http://api.drupal.org/api/function/user_system_info_alter/7 doxygen explains why Profile module is now hidden in new installations.
The above solution was provided in http://drupal.org/node/608894#comment-3597878 (#608894: Resolve the conflict between the fieldable users UI and the profile module).
Comment #2
mr.baileys@Eric_A's comment basically says it all. Profile module is deprecated and shipped with D7 for legacy reasons (D6 upgrades) only. Besides the resources mentioned by Eric_A, there is also the Administer user profiles in Drupal 7 handbook page which tries to explain the situation and offers ways to enable the Profile module if you absolutely need to do so.