Ethereum is not an organization in itself .. there is just a token that can be mind an programs that can be run on the blockchain.
If you call Bitcoin a DAC, then you could also call Ethereum a DAC .. though they have no means of governance nore can they be profitable .. in contrast to BitShares and Maker
Here are my thoughts:
Hence the "company" part of the DAC analogy: There are also unprofitable companies so Bitcoin and Ethereum at the moment would be unprof. companies.
Ethereum can be profitable. Their revenue from tx fees just has to be bigger than what they pay to block producing nodes.
I would call Bitcoin a DAC. I don't see any criterium of the DAC analogy that would not make it a DAC.
There is a clear governance model for Bitcoin (it is just not made to decide fast and may prduce more hard forks): The governance model is: What ever software is run by most. Bitshares in contrast has a mediation mechanism that prevents going the "hard fork competition route".