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Professional ethics may indeed be a luxury for most mercenaries, but for those who are famous or aspire to become famous, reputation is more important than anything else. Therefore, a minimum level of professional ethics is essential.
The reason is simple, when an employer hires a mercenary group and is at war with the enemy, if the enemy offers a higher price and the mercenary group turns around to fight against their employer, such an incident would make future employers hesitant to hire mercenaries.
Those mercenaries who can be bought for a mere one or two hundred dollars may not adhere to professional ethics, and makeshift mercenary groups may lack them entirely, but mature and stable mercenary groups, whether famous or not, must have some level of professional ethics.