It shouldn't be counting it as natural AC, but deflection AC.
When you wildshape with a druid or shifter ability, all your defensive equipped items that are valid for the new shape are transferred to one item, the creature skin.
Since this creature skin uses Deflection as its AC type, when all the properties are added to it it'll only take your highest AC item you have equipped and treat it as deflection AC, everything else won't stack since deflection doesn't stack with deflection.
If you are using a spell instead such as polymorph self or shapechange, none of the items transfer over in that instance (that I'm aware of.)