Free as in beer? It can be free, but as Heinlein said: "There's no such thing as a free lunch."
The whole point of Wikipedia is that the "IP" is freely given, for the benefit of all. Keep in mind wikipedia editors are challenged to remain purely factual, so the idea that anything stated there could possibly belong to someone doesn't exactly make sense. You can own the rights to a process, or a song, or own the right to produce something, but the composition of an object, the technology driving an innovation, or the background of music theory are facts, and statements around them are part of public discourse.
In the sense that media is present on Wikipedia, I believe I've never seen a commercially-licenced piece of media on the site. That's why all the pictures of celebrities are weird public snaps.
Is the editing and content creation process messy? Sometimes corrupted? Yes. That's humanity for you. We fuck things up. It's up to all of us to keep us honest and continue to improve. Things can be irredeemable or fully captured by commercial interest, sure - that's a Reddit situation and it can be abandoned. Wikipedia isn't that, and it's old enough to have proven it won't be captured in that way.
I think maybe you're confused on how nonprofits work? Plenty of nonprofits have paid employees who are working there expressly for money. Sometimes lots of money. Because living under a capitalist system involves trading your time for labor. How else would the site be maintained and kept running? Wikipedia is the 10th-most visited website on the entire internet. That it would run at all on the labor of less than 100 people is fucking incredible and something to be thrilled about! In comparison, Reddit makes the world much worse than Wikipedia and it runs on ~2,000 employees. So I would say that the Wikimedia foundation is definitely not just like reddit.
