Fan fiction and fan art, without appropriate permissions or licenses, are usually an infringement of the right of the copyright holder to prepare and license derivative works based on the original. Copyrights allow their owners to decide how their works can be used, including creating new derivative works off of the original product.

Seems pretty clear. It’s at the discretion of the owner. The profit aspect doesn’t matter in terms of the law, it just makes it likely that companies will go to court over it.

Additionally, usually as long as the fan content is non-commercial, it is not a problem with copyright holders.

Notice how it says with copyright holders and not with copyright laws.