I assume by your question that you presumed it to be run indefinitely at a loss? If that’s the case may I ask why you presumed that it wouldn’t be monetized? If that’s not the case and you’re asking a scholarly question for the sake of knowledge my answer is “because it’s not otherwise sustainable”
I've built close to 30 free small sites that are all running at a loss. Costs me about $100 a month in total. It's fun, rewarding and worth every penny.