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On the one hand a evil because they are villian can be a bit of a joke, but on the other hand I can't stand those villians with the please be sympathetic oh-so-tragic emo-tastic back story which is really the same as a vast proportion of heroes but they turned evil insteed.
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Ah but thats entering into the grand old discussion of what makes a villain/evil.
If you look at most villains, unless they are suffering from some form of derrangement they they are hardly different from heroes at all. In a lot of cases the only thing seperating them is that heroes have the support of the "law" and in a lot of cases some groups dont even have that to mark them as different from heroes.
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I'm not being arrogant. I'm just pointing out that super powered mercenaries can't really be classed as traditional super villains. They would be more modern super villains as back in the golden age of comics super villains usually wanted to either: A: Destroy the world B: Rule the world or C: Kill a specific hero
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That is true they are not traditional "villains", if anything they are more deadly as they are clever enough to realise that turning up with their death ray and threatening a city is going to get them stomped on hard.
I personaly think that the cover of a mercenary unit allows for much greater evil to be carried out....
Traditional comic book villains are ok, but there is a reason they are usually the rulers of some small made up nation....MONEY.
Its hard to be eeeeeevil if you are broke, and acting as a mercenary, or playing the markets can get you plenty rich 
Most of my villains and heroes would be living on the street if it were not for backing provided by various groups, if they did not "freelance" occasionaly, but then I dont have any characters who multi-billionare geniuses or own a nation (like some of the most iconic characters from DC or Marvel).
If anything a mercenary company is more evil than a traditional villain, they make their "public" living from war and death, and often work for anyone who will pay. For them it pays to have a climate where war is spreading, the last thing they want is peace.
Yet they still can travel first class on public transport if they wish, they get to rub shoulders with the rich and famous, they get "courted" by inteligence communities of various nations, and can make an extra profit from arms trading.
They have an "open" army which can travel anywhere quickly and easily, compared to your traditional villains who are likely to get arrested on sight if they leave their home land, or placed under harsh trade restrictions by the world community...Being evil will be tough if you cant get toilet roll delivered :P
I am sure there are plenty of villain groups out there who are working for incredibly evil reasons, if you have not seen them, perhaps speaks a lot regarding their subtlty and insidiousness.
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Ok Hates your the only other group that isn't comprised of self centered mercs and petty thieves. But your still not a classic evil organisation. Your anarchists XD
Your classical evil organisation wants to rule the world for some simple ideological reason such as: "We don't like democracy". Which is GLEE's general attitude
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But why is that evil?
Its a valid politcal viewpoint held by quite a few nations of the world.
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On the one hand a evil because they are villian can be a bit of a joke, but on the other hand I can't stand those villians with the please be sympathetic oh-so-tragic emo-tastic back story which is really the same as a vast proportion of heroes but they turned evil insteed.
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Ah but thats entering into the grand old discussion of what makes a villain/evil.
If you look at most villains, unless they are suffering from some form of derrangement they they are hardly different from heroes at all. In a lot of cases the only thing seperating them is that heroes have the support of the "law" and in a lot of cases some groups dont even have that to mark them as different from heroes.
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True take one of my villians Cactus Brawler he's only considered a villian on Earth because he doesn't care about things like property laws, rules of combat etc
Back home on planet Cactus he's considered a great hero who fights against the evil regime that rules the planet on Earth he's a big spikey extra terristial nuisance that belives might makes right and so will steel anything he can unless stopped
BUO on the other hand has no sense of right or wrong merly thinking in terms of mission parameters, so what if during a bank mission thirty plus people are killed to him they are nothing but collateral damage, their deaths in no way hinder or help the mission so he doesn't care to go out of his way to kill or avoid killing them.
I belive some one posted earlyier what makes a villian is indifference, I too agree that differing levels of indifference to others is what makes a villian, because they tend to either not care about others or be obsessed with particular others.
Brawling Cactus from a distant planet.
When if first started Doc Mechano, I played him as a rambling, generally insane kind of guy, sure he was cartoonish but more often than not he came across as a senile old guy who was ranting about kids on his lawn (including his insult "You sir, are a small lawnmower!"). However, seeing it grate on a few people I developed the insiduous backstory.
Most villains who rant and rave, especially some sixty year old mad scientist, are never taken seriously by the hero community in the slightest, what better way to be completely underestimated than appearing to be senile and incompetent?
Which is why the sudden switch from random rantings, to cellphone chats with the family discussing drug shipments and ordering hits on Britanics then fiance (now wife) just completely threw the hero community that knew him offguard. Using Cindernaps hatred and mass dyne burning purely for that fact it would get media attention and the information about his designer drug out there was seen as just downright rotten, to the point where people saw him as a true villain.
Sure he lost in the end but that's what good villains do, you provide adventures and storylines for heroes (along with the ability to snap back at you with witty oneliners). Until he reformed the hero community still didn't trust him one bit.
Though admittedly there were times when he was genuinely incompetent and insane (like using an angle grinder on a deactivated Rikti battlesuit at 4am, causing everyone in EVIL to think the Ritki were cutting their way into the base).
Badge Earned: Wing Clipper
A real showstopper!
Ah yes the good old angle grinder
On the one hand a evil because they are villian can be a bit of a joke, but on the other hand I can't stand those villians with the please be sympathetic oh-so-tragic emo-tastic back story which is really the same as a vast proportion of heroes but they turned evil insteed.
Brawling Cactus from a distant planet.