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Daystrom Institute
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This is a question worth asking. As others have pointed out there sort of seems to be clear that the rules are the rules and business rules trump all other rules. The Rules of Acquisition tend to be the Ferengi Alliance's highest law. It's both a religious law and a practical one and I think therein is where the problem lies. You can't make profit outside of the constrains of normal ethics because whatever makes profit is what is ethical to do.
This is why so many contradictory Rules exist in this system. War is good for business and peace is good for business, and neither of these are statements on what is "bad" for business. There's nothing here that says not to do anything and I think in this way Ferengi ethics largely comes down to there's no precept that says I shouldn't do this and I was able to exchange doing it for profit so ultimately it serves a higher purpose.
And since it seems like there is a fair amount of legalize extortion that happens in Ferengi while it might be technically illegal to do slavery, it might be more profitable to do it and therefore on the whole you can come out with an ethical conclusion that is "good" especially if you're some mid-level Ferengi in charge of making sure that slavery doesn't happen and you're able to take a little bit of a kickback.
De facto slavery exists for women in Ferengi society, but the fact that no other apparent slave caste exists along with how quickly Ferenginar's patriarchy was restructured, if not quite dismantled, I think one possible barrier to an effective slave industry (certainly chattel slavery) is that there would be no concept of a person or group of people who should not be trying to earn profit, and the power structures that exist would not punish an enslaved person who was able to skim profits from any labor or administrative work they performed, nor would it necessarily reinforce their status as a slave if they were able to buy themselves out of their position.
I think Ferengi probably thinks that a person or business can own another person, but I don't think they can conceive of a person who can't/ or shouldn't own anything. This is like how it's not illegal to attempt to escape prison in some countries - There's a recognition of the desire to be free.
Now, that's all a huge problem when Ferengi develop interstellar travel and encounter full-blown slavers like the Orion Syndicate and other criminal elements, because 1) they'll not only participate in the slave trade for all the reasons you said, but they'll be really good at it, and 2) they won't fully understand the power structures beyond wealth which makes enslavement so egregious.
I wonder: Quark's weapon trading may not have bothered his conscience because of him adopting human ethics, as he feared, but because he was parsing his own ethics with a fuller understanding of the implications of what he was participating in as he was learning more about alien cultures.