Launch Profile Initializer: Unable to parse the launchSettings.json file

Your launchSettings.json has to contain at least applicationUrl e.g.

{
  "iisSettings": {
    "windowsAuthentication": false,
    "anonymousAuthentication": true,
    "iisExpress": {
      "applicationUrl": "http://localhost:55555",
      "sslPort": 44395
    }
  }
}

Source: https://developercommunity.visualstudio.com/idea/1020438/launch-profile-initializer.html

I had this same issue until I put this iisExpress settings back. I used to only have the iis values since that's the only profile I use, but it started complaining until I put those back. Might be true for the opposite too.

You have to add iisSettings Again

  "iisSettings": {
    "windowsAuthentication": false,
    "anonymousAuthentication": true,
    "iisExpress": {
      "applicationUrl": "http://localhost:5560",
      "sslPort": 44395
    }
  },

This bug is still there it seems. In my testing, I managed to get by with only adding applicationUrl in whichever profile I had. So the iisSettings/iisExpress elements don't seem to be mandatory. This Kestrel profile works for me:

{
  "profiles": {
    "Kestrel": {
      "commandName": "Project",
      "launchBrowser": true,
      "launchUrl": "https://yoururl",
      "applicationUrl": "http://dummy" // Required for VS not to show error
    }
  }
}