These days, we value developer productivity over performance optimization, so we have stuff like Electron apps. The reason behind it is that CPUs (and RAM quantity, for the most part) are so far ahead of regular desktop applications that it doesn't matter. In the 80s and 90s, the hardware could barely keep up with decently-optimized software that wanted to do anything interesting.
I think there's a difference between bloat and actually useful features or performance.
For example, I started making music with computers in the early 90s. They were only powerful enough to control external equipment like synthesizers.
Nowadays, I can do everything I could do with all that equipment on an iPad! I would not call that bloat.
On the other hand, comparing MS Teams to say ICQ, yeah, a lot of that is bloat.
Tell that to ScreamTracker!
And we were mostly ripping those samples from records on cassettes and CDs, or other mods.
https://www.c64-wiki.de/images/f/f1/rockmon3.png
Or also at https://www.youtube.com/watch?v=roBkg-iPrbw&t=400s in the video already linked below. And yes, I had to type in that listing.