The Obamacare headlines that make news continue to be the ones that aren’t very good: United Health leaves the marketplace, premiums go up by double digits, etc. You rarely see the flip side—United Health wasn't a very big player in the exchanges, anyway, and the average premium hike for Obamacare customers is about 8 percent. At Balloon Juice, Richard Mayhew (an actual health insurance expert) points out how it's working—and profitable—for insurance companies.
2014 was a year where there were only guesses about both the Exchange population, the market structure, and federal policy structure (specifically the risk corridor revenue neutrality restrictions. 2015 had a bit more clarity on who was coming into the market, what was working and what was not working, and what federal policy on risk corridors would actually be. 2016 is the first year where the policies are priced on functionally decent real information and some of the amazingly dumb strategic decisions have been unwound through either course changes or through exiting the market.
As a simple reminder, competitive markets should see some companies make money and some companies that offer more expensive and less attractive products lose money. I would be extremely worried if everyone was making money after three years, just like I would be extremely worried that everyone was losing money after three years of increasingly better data.
Exactly how the free market is supposed to work, actually. Not to mention how the law was intended to work. Companies actually compete for customers, and when they make decisions that aren't good for customers, they lose them. That's one of the reasons most people purchasing on the exchanges aren't seeing humungous premium hikes—they shop around. Companies that find their niche (and their customers) can actually profit. Again, that's how this was supposed to work.
You can make a good argument that within that system there are some big problems, because there are. That's not just in Obamacare but in the whole health insurance industry. Companies are cutting costs by increasing the out-of-pocket cost for customers and by limiting provider networks, among other things that aren't great for the consumer. That, however, is not Obamacare's fault.