Correct, but there are still occasionally 3-4 million dollar passenger missions i can take and sometimes make up to 10 million in a run. I went from 20-40 million in an hour with Smeaton runs (I only had a dolphin when i started doing the runs, and I didn't do the board hopping thing to fill up the ship) to now 3-4 million average. Now that I am allied in Upsilon Aquarii, I can pull around a decent amount (2-3 million+ in about an hour) just going in circles in the surrounding systems, loading up on missions for a port, getting missions for another port, as well as the original port, then going to the next port and getting missions for the first port, as well as the second.
The passenger missions did allow me to amass a bit of a fleet. I now have a Sidewinder, Eagle, Dolphin, Viper Mk.III, Vulture, Asp Explorer, Diamondback Explorer, Python, and Anaconda. I actually got the Anaconda the same day they killed off the Smeaton Hub runs, so i havent been able to outfit it much. I think the Vulture and Viper are my favorites. I have dual Rail Guns on the Viper, so it can be fun to take down the smaller ships quickly (and even the bigger with some help) in the RES. The Vulture is even better, but i am still playing with weapons (was beam + muticannon, now pulse + multicannon).
I stick to Private Group or solo play, but once i get better at combat i may go into Open Play more. I do not have anything engineered yet, but am working on that now that Passenger missions aren't as lucrative.