I think HN gets too tunnel visioned on the technical side of the project. Look at how many comments reduce Wikipedia to it's "hosting" costs. There's more to running an organization than the servers.
All large organizations experience waste and spend some money poorly. It's basically an operating expense at scale. The net value creation tends to still be positive.
I believe there's more to running a successful global comprehensive and free encyclopedia than hosting. To keep the content and community vibrant, to expand into new languages and communities. These things probably require more than just "hosting". I don't know what's required but I'll continue to donate to WMF and hope for the best.