Y is FictionPress not letting me edit my profile/stories like I usually do?

Nah, it's not just you. Fictionpress and fanfic.net have been getting updates for the last couple of weeks that affected the formatting options. Basically what you're seeing is the basic HTML. Ugly and annoying, yes, but it should be fixed soon. Updates are still ongoing but this happened last year as well and only took a couple weeks to fix...and we're right around that 2-week mark. :)