By default only admins can create BuddyPages. To turn on page creation for all user visit the BuddyPress options page in the Settings menu. Settings -> BuddyPress then click the options tab and find the BuddyPages options section.
If you are using BuddyBoss, this setting can be found in BuddyBoss > Integrations and the "BuddyPress" link along the top.
Click the checkbox Member Pages and save to allow all users to create BuddyPages.