I don't see why would it require a whole team of fulltime devs.
Inflating team size, constant feature churn etc all make sense for a VC-funded company. But they were kinda making a statement against it, so there is bo reason for them to have a whole team to maintain a blogging platform.
It's hard for me to estimate the cost of media hosting, but again, Hetzner (I'm not advertising them, it's just one dedicated server provider I heard about. There are many others) offers 20 TB / month of free traffic. Is it not enough to serve images at cohost scale? I genuinely do not know, I would love to hear estimates from more knowledgeable/experienced folks.
Or was storage the issue? How much storage are we talking about?