Nothing as long as the funding is transparent. What Wikipedia is doing is borderline fraudulent as most people would assume your donation is largely used for keeping Wikipedia running.

Imo whats wrong is that Wikimedia aggressively promotes the idea that wikipedia needs money and donations will go to wikipdeia when they're actually being used for something else. If the banner on wikipedia said "donate to our queer studies fund" I certainly wouldn't be complaining.

Okay, where exactly are you getting this info from?