It's also worth noting that many of Wikimedia's staff are remote. I think more of the engineers are based in Europe than in the US and salaries are scaled somewhat based on the cost of living in each employees city/region. Wikimedia salary is almost certainly lower than the big tech companies but still pretty good for a non-profit and the benefits provided are very good if not quite up to the google level of luxury.
Disclosure: I work for the Wikimedia Foundation as a software engineer, however, I don't really know much about the financial details.
Disclaimer: This is just my personal opinion / observation and not representative of my employer.
It’s like you walked into this discussion without reading any of it. That is precisely the issue - less than 10% of the budget goes towards operating Wikipedia, and they’re still begging for money.
Paying for legal staff who defend lawsuits and advocate for legal reforms that matter is part of "operating Wikipedia."
Paying SREs to be on-call for incident response, plus routine upgrades of servers and racking new hardware is all part of "operating Wikipedia."
Absolutely essential parts of operating Wikipedia certainly account for a lot more than 10% of the budget. Sure there is a lot of overhead and I'm sure some expenditures are non-essential. I just can't agree with your assessment. The overhead and excesses are quite certainly nowhere near 90%.
The reason Wikipedia is amazing is the user generated content and community moderation/admin.