Wayland is the protocol. It isn't analogous to X, so they really shouldn't be compared. Comparing Xorg to something like WLRoots makes more sense.
X does not implement everything and the kitchen sink. A bare Xserver won't even be usable without a dedicated window manager, the compositor is completely replaceable and runs as a separate process, etc. Just because it is perceived by some to be bloated doesn't mean it is monolithic.