Wikipedia also keeps "revision history" and a "talk" section for each page. Those original pages created before 2005 can still be modified, potentially adding to the overall cost. Breaking news stories can cause massive amounts of churn which I imagine has increased with the site's popularity [1]. So really 11x pages = 33x higher hosting costs doesn't seem unrealistic considering how much metadata is associated with each page. That's not to say there isn't a problem, but "page count" might not be the best metric. I wonder what average number of revisions per page looks like over the last 12 years.
[1] https://xtools.wmflabs.org/articleinfo/en.wikipedia.org/Talk...