I did run into this last week. Elementary has two components to it.
1. DBT package that will need to go into your packages.yml. This package will be responsible for persisting observability metrics into your database.
2. Python package does need a profiles.yml as this will only communicate with the database to generate a static index.html. Since this is an open source offering, it makes sense to stick to the same profiles.yml approach DBT uses. We kept this as a stand-alone service