You know, having been someone who has wiped plenty of times (first time a GM accidentally corrupted part of the database and all the saved backups had the same issue, second time an admin tried to steal all the players over to his server- MagistaRO, third time the players requested it for two months before we wiped), I feel it depends entirely on the community that's currently playing said server. Each time that I've had to wipe personally, I've asked the players their stance on the idea, and sure, each time there's one or two who q,q until they realize that everyone else wanted a wipe as well, but eventually, they come around to the same conclusion of the other players.
Now, I will say though in regards to the donors who have donated on one version that's been wiped, again it depends on the community. I've lost a few people who donated in say, version one of my server, but most have consistently come back time and time again simply because they love the people they're playing with along with the atmosphere and have often times been the players who pushed for a wipe the most. Obviously, this is not the case for most servers, and not everyone's so understanding that not everything lasts forever.
It's unfortunate that most people automatically assume, "Oh, there must have been something go terribly wrong in the previous versions!", but the few who realize that over time, more things are learned and most (not all) people learn from mistakes that lead up to needing to wipe in the first place. It's sort of like bankruptcy in real life; You don't feel like you can fix everything, so you do a fresh, clean slate, and go from there. And again like bankruptcy, HOPEFULLY you learn your lesson and fix what caused the need to do it in the first place from that point onward.
So, it depends entirely on who and how they interpret the idea. Most people will react just as the replies thus far in the thread are, "People wouldn't wanna waste their time and money.", but along those lines, I've consistently seen and known plenty of people who server hop left and right who have donated on most, if not all of said servers, regardless of the server's "version". Perhaps I just know a bunch of people with money to throw away, or maybe, just maybe, some people are willing to support something they believe in, whether it's wiped a thousand times or not.
Stagnancy has been the reason behind a lot of wipes that I've seen. People get bored and simply want to restart their adventure, but wish to stay where they are, rather than have to go hunting for a new server alone or only with a few friends.
*shrugs*
Flame on.