How do you lock a profile in Apple Configurator 2 for a Manually Supervised Device
Apple Configurator 2 - Lock Profile
I found the issue.
The General Screen for a Profile allows provides a Security Option as: Always; With Authentication; Never
When With Authentication is selected, a Authorization Password is set to password protect the Profile (assuming your using "Supervise" device).
HOWEVER, this feature also relies upon the Organization field being filled in. Previously I did not provide an Organization name and the password feature did not seem to take effect. With both Organization; With Authentication; and Password set in the General Profile tab, the Supervised iPad Profile remains protected by a Password - as I was looking to accomplish.