It depends how you monetize your images - content with ads.
From SEO side, you will have tremendously hard time getting organic traffic as Google counts words and uniqueness. Good networks need good traffic...
I guess if you share enough images and people view them, yes. The break-even point is very low since you will need a hosting/vps that costs around $5 per month.
Image hosting sites like most sites providing a service can be highly profitable once established just like any business really. I would recommend researching SEO and website marketing to promote your sites growth. Affiliate schemes or programs are also an extremely effective way to grow your site. WJ is probably the best place on the internet to find affiliates also
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