Because there are storage costs other than the literal cost of maintaining data on a server.
Is the data accurate and up-to-date? Are the links still viable? Do the citations check out? etc.
It's just like having a project with a huge number of lines of code. It's an important maintenance task to delete outdated or obsolete code - not because you will run out of disk space to store your .c files, but because unused, unmaintained code is very likely to be confusing or wrong.
Remember also the power rule for user contribution: 90% of all users do not contribute anything ever. 9% of users contribute at least once. 1% of users contribute everything else. If an article is not very notable, it's extremely likely that the person who originally contributes it will be the only person who ever contributes anything to the article, and contributing the original is very likely to be the only contribution to the subject they make. This will hold true even if there are some number of "long tail" readers interested in the article, because readers are drastically more common than writers, and infrequent writers drastically more common than writers who consistently attempt to improve the articles they read.
So: Articles with low notability are probably poorly maintained, out of date, and/or consisting entirely of the statements of a single person. Making them better imposes a cost which relatively few people in Wikipedia's community actually pay - the cost of taking time to edit something.
All of Wikipedia's pains and stretch marks will become much clearer if you restate the purpose and function of the site. If you approach Wikipedia as a server farm that takes in user contributions and produces a compilation of same, then it's strange to have any limits on contributions, since the cost of storing text data is extremely small. If you approach Wikipedia as a group of people that takes in the members' time and energy and produces agreement between the members, then you see where their problems come from.
Remember, a Wikipedia article gets to stay in a particular state only when everyone who potentially could change it agrees that no changes are necessary. Wikipedia produces consensus, not data. Its limiting factor is the time and patience of the people who work on edits.
If you need consensus - the kind that will not be repeatedly challenged by latecomers - and you are limited in the number of people who will voluntarily "meet" in the editing area to discuss a particular subject, then low-popularity articles are a cost with no benefit. The opinions of a single person - possibly an oddball, since they're the only one who submitted the article - will produce no agreement, and it will consume more time and energy to find people who could hammer out a lasting consensus.