A "free" site may not be set up as a business. There are many good sites set up by enthusiasts or by people who think that they are providing a service.
The other aspect of a "free" business model is to establish a user base - once you have a critical mass you can start introducing charges. Maybe just for new users or having a paid for "gold" service.
2 years? I would guess that they had pre-paid for at least 2 years of hosting and domain name and quite possibly the whole thing is running on autopilot. When the next round of bills come in the whole thing might be dropped.
My other thought about a "dating" site without any obvious revenue stream would be that the whole thing was simply a front for ladies of negotiable affection.