This was done in partnership with the Internet Archive folks -- they _want_ the traffic, in part because this helps people know about the Archive, but mostly because this is a public benefit feature, which is what non-profits strive to provide.
As to the amount of traffic it generates, that's one reason why we're doing this through Test Pilot -- we can dial that up or down.
It is just a Test Pilot experiment, not on by default. People have to install Test Pilot and turn on this experiment.
How many people are in Test Pilot?
Well, the https://testpilot.firefox.com/experiments page shows the number of people participating in each experiment. Currently, Activity Stream has the most participants with 36,056; No More 404s is currently showing 2,468.
As someone who uses Wayback all the time for work I would not be a fan of this extra traffic slowing the tool down.
How much does your employer donate to the Internet Archive?