Hello there.
I don't have any image hosting site but creating such site requires advance scripting and large internet disk space.
Will this be your first website?
If yes, then think first if you are capable of handling/creating such site.
^_^
OFCOURSE. You can earn money from image hosting sites by offering special/premium services/accounts for your customers if ever they want to upgrade from a simple FREE account to a premium one (for example they have to pay $ /upgrade)