Ever since I started using Wikipedia, back in 2007, I don't think I have ever seen a major (or minor) change in their site’s look and feel.
Why don't they update their style to a more modern look? It doesn't necessarily look bad, but just like a snapshot of 2000 websites.
MediaWiki
(the platform Wikipedia is based on) offers a lot of customization features (including the way the wiki looks and feels) which many companies, institutions and single users use for their own wikis. Look what happened with Windows when the Metro UI was introduced? In order to prove my point here note the fact that Windows 10 added the option of using the Start menu again. One of the main reasons (for normal users probably the top one!) for the failure of Windows 8 was the change in the UI.