I'm not seeing this at all. I've got a small search engine I made that strips HTML back to Markdown for its full-text indexing. HTML is typically 10x bigger than the Markdown of the actual content, but that's because the majority of HTML out there is truly terrible.
I personally like HTML, and my own webpages are all hand-coded HTML. In that case, it's probably a closer ratio to what you describe. I'd suggest it's much higher than 20% more, but it's not likely more than double. But that's assuming someone paying attention to the efficiency of the HTML, and most people / websites just don't.
Markdown is even more readable without tools than HTML - it's essentially a plain text document - but I agree that HTML is better for actual semantic structure.