Because it's not perfect yet?
The point of Wikipedia is not to have some servers ticking over. The project has a vision: "Imagine a world in which every single human being can freely share in the sum of all knowledge."
I agree it's not ok for them to lie, and am bothered enough by their dubious fundraising tactics that I stopped donating. But that's a totally separate concern than whether Wikipedia's mission is complete.
Its mission is not just "hosting" - actually creating an encyclopedia is much more than paying for the server costs.
Wikimedia produced many very useful projects which often integrate into Wikipedia, but work well standalone as well, and work towards the stated mission - projects like Commons, WikiData, WikiSource. Some projects are more useful than others, but that's just normal.
That's not their vision. Not only do they require entries to be notable, they'll remove information from articles that are, in their editorial judgment, too long. Neither action is compatible with the goal of sharing the sum of all knowledge.