This word, which I see so often, is almost entirely content-free. At most, it conveys a vague sense of 'big is bad'; the association of 'bigness' is the only thing that saves it from being a purely content-free snarl word.
http://rationalwiki.org/wiki/Loaded_language#Snarl_words
("When used as a snarl words, these words are essentially meaningless; most of them can be used with meaning, but rarely are.")
To say what ought to be obvious, one person's bloat is another person's essential feature. And, yes, I do use that paragon of GNU software, GNU Emacs, and surely you realize the folly of trying to tell me my editor of choice is bloated.