That's the default size set by Windows with Windows allocating space as needed. The problem with allocating as needed is the disk becomes highly fragmented if using a platter type hard drive, or causes excessive wear on an SSD. This isn't always efficient because Windows doesn't appear to react fast enough for our needs.
The old formula used for Windows servers is 1.5 to 3 times the size of installed RAM. I found the 3x value to be a sweet spot for T: ANE and up.
What happened was I was importing content into T: ANE and ended up with a CTD. After repairing the database, I did it again and watched the system resources and noticed that the RAM completely filled up to the max before the crash. I then increased the page file and I was able to get further before it crashed again, and I increased the page file again up to 3x the size of installed RAM and never had an issue after that.
When setting the new page file up, I set the size to a fixed size by putting the same value in the min and max settings after clicking on the fixed-size radio button, and I placed the page file on another drive while leaving the small 8GB on the boot drive. While this isn't necessary, if Windows crashes, it uses this swap file to write the memory.dump file and will complain about no swap file available.