Somebody has used this lens and camera (profiles are specific to a combination of those two) to take a lot of test shots of known checkerboard pattern targets. Those shots are then analysed by software to see how the actual test shots DIFFER from how a perfectly performing lens would have portrayed those same known targets.
If needed, for example with an unusual lens or a mount adaptor say, the end user can generate their own custom profile - though this is not quick or easy to do.
The profile provides a set of corrections that can be applied to photos taken with that particular lens/camera, as gleaned from all those test shots, which will largely reverse out whatever optical 'imperfections' this lens and sensor combination may exhibit.
Sometimes a lens is made cheaper / simpler / lighter / smaller than it otherwise would have been, by deliberately designing-in for some correction to happen in software, rather than by eliminating it in the lens by adding corrective glass.
Lens profiles do not address chromatic aberration though - which LrC deals with differently.
Many cameras have got lens correction information built-into their firmware, covering their fixed lens / those interchangeable lenses that the camera body is able to 'recognise'. Typically that correction is already incorporated by the camera onto the JPGs that it saves, in which case no further lens correction needs to happen. For many camera manufacturers an agreement has been reached with Adobe that such correction will also be extracted from Raw files and applied without the option. In that case no selection of a named Adobe lens profile is then necessary, or possible. So sometimes no lens profile is listed even for Raw - because that will always have already been applied automatically.
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