Maybe some people feel the "bloat," yet only look at a few areas. For example, playable races or subclasses. I get it, in 1st or 2e they might have been there; however, that was also when we were all younger and our income to spend on the game wasn't as high. For example, we never got Dragon or Dungeon, and we were avid players. We only bought a few splat books - and we were AVID players.
Also, the bloat feel could be compounded by the internet. I mean, being able to look anything up, and many times finding it, even though it may not be "official," could lead to that bloated feeling.