Failed to CoCreate Profiler error - but not using a profiler

Removing Environment variable COR_ENABLE_PROFILING (or set it to 0) from User variables (Control panel > System > Advanced system settings > Environment variables) solved my problem (Could not start MongoVUE)

While removing all the references to the profiler's CLSID in the registry can't be a bad thing, you can also choose to just disable profiling by setting the registry key HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\.NETFramework\COR_ENABLE_PROFILING to 0

To help find where this tool may be used, the below PowerShell code can be used to help detect environment variables and registry entries relating to the profiler:

clear-host
if (-not (get-psdrive HKU)) {
    New-PSDrive HKU Registry HKEY_USERS
    Set-Location HKU:
}
"COR_ENABLE_PROFILING: $env:COR_ENABLE_PROFILING "
"COR_PROFILER: $env:COR_PROFILER"
$GUID = $env:COR_PROFILER
@(
    "HKLM:\Software\Classes\CLSID\$GUID",
    "HKLM:\SOFTWARE\Classes\Wow6432Node\CLSID\$GUID",
    "HKLM:\SOFTWARE\Wow6432Node\Classes\CLSID\$GUID",
    "HKU:\*\Software\Classes\CLSID\$GUID"
) |
    get-item  | 
    %{$p = $_.Name;Get-ItemProperty $_.PSPath ''} | 
    select @{N='Path';E={$p}}, '(default)'

get-itemproperty 'HKLM:\SYSTEM\CurrentControlSet\Services\*\' 'Environment' -ea SilentlyContinue | 
    %{
        $serviceName = $_.PSChildName
        $x = new-object PSObject -Property @{ServiceName=$serviceName}
        $_ | select -expand Environment | 
            %{if($_ -match '^(?<Name>[^=]+)(=)?(?<Value>.*)$'){$x | Add-Member -MemberType NoteProperty -Name $matches['Name'] -Value $matches['Value']}}
        $x
    } |
    ?{$_.COR_ENABLE_PROFILING -eq 1} | 
    ft ServiceName, COR_ENABLE_PROFILING, COR_PROFILER, NEWRELIC_INSTALL_PATH -AutoSize

Hope that helps others in future.

1. Use regedit do a Data search for the CLSID value in the error log
2. Remove COR_PROFILER and its value
3. Change Cor_Enable_Profiling=1 to Cor_Enable_Profiling=0
4. Do not remove the Cor_Enable_Profiling setting for any of the following:

    HKEY_LOCAL_MACHINE\SYSTEM\Services\WAS
    HKEY_LOCAL_MACHINE\SYSTEM\Services\W3SVC
    HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\services\IISADMI‌​N
   

   Doing so may cause IIS to fail to start. See this question for more details.
5. You may also need to remove/disable additional User and System variables. Try disabling first (COR_ENABLE_PROFILING = 0) delete if error persist. Hope that helps. Thank you @Andreas and @Mike-Monkey for the initial guidance.

For us COR_ENABLE_PROFILING was at multiple places

HKEY_LOCAL_MACHINE\SYSTEM\\Services\W3SVC and HKEY_LOCAL_MACHINE\SYSTEM\\Services\WAS

Stackify Profiler Will also do the same thing to you. :(, I am finding it difficult to remove from the registry.

We see this problem from time to time when trying to start Windows Services.
This issue is invariably that the app.config for the executable is corrupt (not valid xml).
Double checking that your app.config is valid xml is a quick easy thing to check before heading of to edit registry settings..

Things did not work even after doing what mentioned in Answer from Agnes. In my case, I had my application pool set to an account and it's password was expired...