maximizes total value in the long run.

What value? Units sold/quantity of product? If so, should businesses operate at breakeven in the long run?

This is an interesting take, it is optimal for everyone, not just the producers. I agree that this would be the ideal scenario for society.

The problem is - how to arrive at it?

Profit sends a message that offering X instead of Y is more profitable - and therefore, better use of one's time.

How would you reduce/remove profit without destroying incentives to innovate or even pivot to new industries?