For the organization, sure. For the content it may very well be.
Nobody is saying wikipedia should have zero donations. Just that people piling on extra money should cool it.
[1] https://slatestarcodex.com/2017/02/09/considerations-on-cost...
The organization becomes a parasite that exists only to perpetuate itself. Hiring and spending expand to fill all available space which becomes its own justification to increase fundraising further. If any actual work for the public good gets done that's just a side benefit.
If WMF had simply held spending constant (adjusting for inflation) for just a few years they could have had an endowment big enough to ensure Wikipedia is able to run independently forever. If they were being responsible they'd also have spun it into a subsidiary non-profit that owned Wikipedia along with that endowment with a charter to focus exclusively on running Wikipedia and developing the software. Then their octopus of random spending programs could be operated as a sister subsidiary without any risk of destroying Wikipedia itself.
Honestly at this point if they proposed that plan I'd be willing to donate to get it done. Instead they hold Wikipedia hostage to justify their expanding empire.
https://en.wikipedia.org/wiki/Wikimedia_Foundation#Financial...
Then read this 2013 post from a past Wikimedia VP:
https://lists.wikimedia.org/pipermail/wikimedia-l/2013-March...
So there is a difference between keeping the Wikimedia Foundation organization going and keeping Wikipedia going. Keeping the Wikimedia Foundation going at its current size costs about 10 times as much as just keeping Wikipedia going, under the assumptions of that 2013 post.
You can't use "keep Wikipedia online" indefinitely as a justification for raising ever more money in order to expand. The Wikimedia Foundation should talk far more in its fundraising about what those hundreds of additional people are actually doing, including projects other than Wikipedia, instead of projecting this image of a small raft of people struggling to hold Wikipedia together with duct tape.