Very simply, it's a Google space where, if you wish, you can enter who you are, what you do, your networks, and more.
While this may not work for everyone, I had no problem setting one up the day the service launched. In my case, as usual, it was more a test of what Google would be doing with the information.
The first answer appeared a short time ago.
Doing a quick 'ego search', I found this at the bottom of the page:
If you want to be found (business, etc), you can set-up your own Google Profile here.
Good weekend all!