Richard, I think you know this is incorrect. Monzo clearly stated that the three overseas ATM fee options presented were cost neutral – simply covering the costs incurred from foreign ATM networks. Whilst a 3% fee is higher than the costs on EU ATMs, it covers the £200/month fee-free withdrawals and the higher non-EU ATM costs.
I know you don’t like this option, and I personally would also have preferred the EU 1%/RoW 2% option which simply covers the costs with no fee-free withdrawal allowance. But we lost the vote. 
However, it’s disingenuous to say that Monzo will make money off the 3% ATM fee, as they have stated they won’t. The higher percentage covers the free £200 withdrawals.
Overdrafts and the marketplace are Monzo’s current plans for making money. I think this has been well covered.