In my experience, it’s difficult to operate a small, personal website from within China because of their regulations in regards to non-government websites. Because of this, you will often find that Chinese citizens will use approved (or at least unrestricted) services like GitHub pages.
Having worked closely with many businesses based in China due to my hobbies, I have noted that services like Google Docs and Drive are favored for this reason.
I would guess there are ways to host content like this more easily on platforms that are only accessible within China or are not navigable without the user understanding Chinese language.
I would also guess that this is part of the reason why services that target customers in China tend to become “super apps” that combine several services that non-Chinese users would expect to find on disparate sites. For example, services may combine a social media style newsfeed/interaction API, banking, email, shopping, and food delivery into a single platform.
I don't know for sure, but that's my guess. You could achieve something similar with S3, but you need a credit card attached, and then you need to worry about whose credit card, and what if it gets unexpected traffic and who will pay...
You could use Google Sites as well, but then you need to buy a domain, which again means requiring a credit card, and whose responsibility is it to pay and for how many years?
I don't think it's mostly about the cost, I think it's mostly about just not having to link a credit card?
I don't feel that's an issue. A lot more people are able to see what's happening on the bleeding edge than if they'd just release the paper without accompanying demo page, and faster than if they'd wait for the code to be ready for release? Of course one can argue that "they should just release whatever code they have instantly", but that's their choice if they want to clean it up, remove secrets etc.
(I know people are often too exhausted to even upload the preprint... They take a break and upload later)