There appears to be some confusion about how the profiling process works. A profiling target, be it BGB, CMYK, or multicolor is just a bag of numbers. These numbers are thrown at the printer (or monitor, TV, etc.) and a spectrophotometer measures what color (spectral ideally, converted to LAB or XYZ if you must) these numbers produced. A profile is at its essence a translation tool. You image contains a particular color; what numbers does the printer/monitor/etc. need to be given to match the source as accurately as possible (colorimetric intent) or aesthetically (perceptual and saturation intents)? The CMM then converts the image pixels to the appropriate device values and sends them along.
The initial RGB target values have no color space attached. That is why it is so important pr print targets or show them on a display with no intervening color management. A 918 patch target RGB for i1Profiler contains an equally spaced 9x9x9 step cube of RGB values (729 base grid patches), a smattering of semi-neutral colors, additional colors in highlights and shadows, etc. I do not know what color space, if any, i1Profiler (or ColorPort, MeasureTool, PatchTool... etc.) use to show reference values. My suspicion is that they simply throw the RGB values at the screen and let them display as they may. For CMYK, the values undergo some default transformation to RGB. Color accuracy is not essential here - it's just a visual representation to indicate whether the chart was measures semi-successfully.
It is only if you generate a profile target from an a priori assumption of device behavior that the reference data set becomes anything other than a mathematical abstraction. For example, in two stage printer profiling, you'll print a smaller generic target to get a sense of how the particular device behaves; e.g. where color output varies smoothly and predictably, where the kinks are, and areas where colors bunch together. From this small chart, you create a larger data set with closely spaced patches in problem areas and larger spacing in well behaved sections. This allows reasonable measurement and computation time while still providing accurate coverage. The actual target values, however, remain a bag of numbers.