Ok, I found a hack.
In components/com_comprofiler/plugin/user/smf_profile.html.php
Around line 290 find:
<?php
if ($context['member']['email_public']) {
?>
<a href="mailto:<?php echo $context['member']['email'];?>" title="<?php echo $context['member']['name'];?>"><?php echo $context['member']['email'];?></a>
<?php
// } elseif (!$context['member']['hide_email']) {
?>
<i><a href="mailto:<?php echo $context['member']['email'];?>" title="<?php echo $context['member']['name'];?>"><?php echo $context['member']['email'];?></a></i>
<?php
} else {
?>
<i><?php echo $txt[722];?></i>
<?php
}
?>
and comment out the elseif statement like I have
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