Profiling unnecessarily impedes optimisation

Consider

case (SCC<blah> let x = y +# 1 in (K x, f x)) of 
   (p,q) -> p

We would like to simplify this, perhaps to

let x = SCC<blah> y+# 1 in
let p = SCC<blah> K x in
p

but apparently we don't: see this ticket.

It's be good if someone interested in profiling would like to think through what to do here. We could just leave it, but the less that profiling interferes with optimisation the better.