View Profile was always available but the results were not guaranteed to be up to date (usually based on when the person last entered/left a game)
Inspect was NOT always available (had to be within 100 yards of other player) but the results were always current of what the player is wearing.
What is currently live:
Functionality of View Profile and Inspect have been merged. If the other person is not in range, you get the same information as View Profile before. If the other person is in range for Inspect, then you get the most current information of what the player is wearing.