Canned profiles are any downloaded icc profile. (not created at your facility on your equipment)
to be clear, i dont have experience with versaworks or solvent machines.
What they are worried about is you not having the right parameters set for the media causing damage to the media. more to cover their bums. Basically user error.
Basically you have a media profile for your media. Inside that you have everything that your RIP needs to know to run your printer for that media.
You should have parameters to change such as:
Overprint, feed calibration, vacuum power, dry time, head height and heater controls.
That's what they will be worried about. You could ideally use what the canned profile for the specific media uses if you know that works well.
What you can do though is create the rest of it, I.e the print quality DPI etc. then the ink settings such as single colour ink limits, total colour ink limits and ICC profile.
You could do the ICC profile on 1meter of vinyl if you wanted to. But if you're doing it for the first time, expect mistakes but with todays ICC profiling software, it can produce decent colour with average settings for ink limits etc.
Here's a PDF on how to do it in versaworks:
https://www.pako.si/datoteke/katalogIzdelek/Izdelava-ICC-profilov-VersaWorks.pdf
You still need a spectrophotometer and icc profile software.
Most people will usually get the X-Rite i1pro (print) kit. it's probably the cheapest (not actually cheap) do it all kit out there and it's great. Profile your monitor, scanner and printer. and the software (i1proflier) is pretty good also. Have used the software previously and found it to be pretty consistent.
IMO every print shop NEEDS to have some type of colour management. That's the one to start with.
Unfortunately, It's very hard to find guides online how to properly calibrate your printer. There are some out there, but usually written by people who don't really know more than the basics, and for the people who know how to do it properly, they tend to keep quiet as it's a very expensive knowledge and not something anyone wants to give away.
Alternatively, you can pay someone to do it for you, at the same time they'll teach you how.
Safe to say people here profile their media independently? probably not. It can get expensive for small shops. Larger places will calibrate or pay someone to do it.
I found that when i had better profiles, i noticed more clients recommended us to others and had others coming from competitors due to us having better colour and quality.
if you have questions, Just PM me if need be,