Anybody have a first hand experience with the file just expanding and not shrinking?
System managed page files have been around since at least XP - maybe before, not enough coffee yet.
There was a bug in some XP and early Vista systems where the page file size would get "stuck" either too big or too small if the disk ran critically low of free disk space after the size was set. There was a Hot Fix/patch released for it, but the proper permanent solution was to free up disk space. It has always been required and a user responsibility to ensure there is plenty of free disk space (at least on the boot drive - and the drive where the PF is located if not the boot drive) for the OS to operate
optimally in. This free space is needed so the OS and applications can store temporary files that have been opened, temporary internet files, temporary copies during copying and moving operations, defragging operations, and of course, the PF.
And of course, contrary to what some want everyone else to believe

- the folks at Microsoft have learned a thing or two about memory management since XP and early Vista days - and they have implemented what they have learned into today's Windows. Consequently, if there have been cases where the PF just kept expanding and never shrank back (assuming a smaller size became appropriate), those would be rare exceptions, and likely an indication of a different problem that needed to be resolved first.
Or never being defragmented?
It is because there has always been a need for a decent chunk of free disk space that I never understood this worry about the page file being fragmented. This is especially true with recent (since W7) versions of Windows where hard disks are regularly defragged by the system - unless the user dinked with the defaults and disabled defragging

. And also, in recent years, hard drives have become HUGE, so running out of disk space has become less of a problem with hard drives.
With the acceptance of SSDs, and in particular with small SSDs, running out of free space may be a problem but of course, a fragmented SSD (and thus fragmented PF) is not a problem due to the way data is saved and read on SSDs compared to HDs. And there is still the need to keep a nice chunk of free disk space on SSDs - not just for the OS, but for SSD "housekeeping" chores too - like TRIM and wear leveling.
Point being, if you are worried about fragmentation of your page file on your hard drive - the solution is system. Clean out the clutter with Windows Disk Cleanup, CCleaner or the like and make sure you have lots of free disk space available. I recommend at least 20GB, preferably at 30GB or more of free disk space. If still low, uninstall any programs you installed but don't use. Purge your Download folder and if necessary, consider moving your Documents and Downloads folder to a different drive. Defrag and reboot. If you still don't have enough free disk space, buy more space - preferably a SSD.
Oh, if you are still using a hard drive for your boot/PF drive, and you are using a modern version of Windows, another reason to just let Windows manage the PF (or at least pre-set a big PF) is because Superfetch/Sysmain and other "prefetch" operations use it help those systems boot much faster and to load commonly used applications faster. These features are disabled, however, when Windows detects SSDs are being used - since prefetch is not needed with the much faster SSDs.