Yes. It is bloated. But not for the reasons you may think.
Live OSes need to fit multiple requirements compared to the installed ones. They need to:
Install the OS without internet
Provide a test ground for the OS
Be a way to repair damaged OS
So of course it’s bloated, but in a good way. You may be already familiar with Ubuntu, and not care about the live OS part, so it would be bloat for you. You may not care about setting up disks, so GParted is bloat for you, etc…
If you want a less bloated installer, some other distros like debian give net installers