The profile provider uses an EAV (Entity-Attribute-Value) design deliberately, because profiles in general very commonly have a sparsely populated schema - that is, there are many potential attributes, but only a few will be used for a given single entity, and the few that are used varies widely from one entity to the next.
Let's use a totally arbitrary example - let's say only one in 10 of your users want to provide their age. Making that a column now seems more like a waste, no?
But what if your application makes age mandatory? OK, that column gets populated for everyone. But what if you need to make a note in the profile "user doesn't want to see this obscure dialog anymore". Do you really want a column for every single dialog in your application whether a user wants to see it? Probably not. When you get into the little one-off details of an application of any significant scope, EAV actually becomes the more economical choice.
In the general, it scales quite well (far better than you probably think). In the specific, it doesn't matter - as always, use what works and fix performance problems when they come up. Whatever the scalability limitations of the profile provider are, you'll know when you hit them. I guarantee two things - (1) you'll have to fix a lot of other performance problems you didn't expect before you have to fix that; and (2) if your site is getting enough traffic to break the profile provider, it's a good problem to have.