Remove the "profile" tab in buddypress except from user's own profile

functions.php

function bp_remove_nav_item() {
    global $bp;
    $current_user = wp_get_current_user();

    if ($bp->displayed_user->id !== $current_user->ID ) {
      bp_core_remove_nav_item( $bp->profile->slug, 'profile' );
    }
}

add_action( 'bp_setup_nav', 'bp_remove_nav_item' );