I think a lot of this is governed by Conway's Adage: the software reflects the social systems that built it. If you look at the larger software ecosystem, it reflects the larger society that built it. The priorities and social customs of communities are leading to the "bloat." It's hard to say whether that is a growth on society's part or that software is simply still catching up with society.
Back when a ton of software was written by graduate students... it was small (because no time), fast-ish (because small), and buggy as all heck (because no time).
