The producers, distributors and theater owners stood to gain from the rapid release of the first dramatic film of the sinking of the Titanic. While the actors were probably compensated, big business in its norm made more money than it paid out. Many films have been made since the sinking event. Some more accurate than others. Conspiracy theories abound in these now historical journeys into what may have been. Money is the final goal of these productions, not enlightenment.
Without knowing more details about who made the film or why, it is hard to know for sure, but the quickness with which the film was made suggests that it was explotitive and was made for profit, not to memorialize the people who died in the tragedy of the Titanic.
In that era, the general people must have wanted to know what really happened and apart from newspaper reports, an easy way to depict the tragedy would have been to make a film about it. The inclusion of a survivor in the cast just added to the authenticity of the story and I'm sure those who watched it then felt the enormity of the tragedy.
I do not think it was an attempt at profiting off of a loss, I do believe that it was someone that experienced the tragedy telling her story. It was a great story about the love, loss, happiness, sadness, betrayal, hurt, lust, art, it had everything. Now, if it was all factual, that will never be known.