Let's see what happens with a free trader (7 available SR) if we include the chance of picking up passengers:
Among pop 6 worlds (equal tech):
With only 7 MP we sell an average of 3.5 MP earning kCr 21.
With 6 Hi+Mid we sell an average of 3.3 HP and 1.6 MP earning kCr 29.
We are still better off with a Steward since we sell more tickets on average.
1: you've not accounted for the usual someone in the crew having the needed +1 for mids. Pushes that to 4.5 or even 5.5 mids on average, ignoring TL.
2: you're not thinking in terms of replacement cost, still.
You take it in the shorts when you account for the cost of the steward when all you get is mids.
the steward costs Cr2500 per jump plus loss of a mid stateroom. It doesn't matter if you get 0 or 6, you still have to pay that Cr2500 and can't fill his SR with a mid. So, ALWAYS costs Cr2500, and with an average of 1.6 MP, given the either 0.1 (using the TNE 10 tonnes per Td and a mass limit) or 1.0 Td of space lost to baggage... the difference in price is 2000 per HP, but you've also locked out about 1/6 of runs having the 7th passenger at +8000.
So roughly, Cr1830 for the lost opportunities for the 7th passenger, AND the Cr2500 per jump to keep the steward, you need a steady 2 to make it more valuable.
Keeping stewards aboard is only really viable in cases where you're on a dedicated High-to-high route, or where you've gone to a per parsec pricing model. Carrying passengers is essentially a loss for 200 Ton ships - the routes they'd realistically run will not fill even 5 berths routinely using CT core.
Freight is profitable - several hundred credits per ton, and an 80% fill pays the bills. Drop some spec on top of that...
So, unless you have a robo-steward, it's not worth it for highs, and mids are about a break even on profit per ton.