Interesting. By this definition, a poorly chosen algorithm is also "bloat", which doesn't seem right to me.

I see bloat mostly as "unnecessary dependencies." Things which, if you removed them, the product would improve.

e.g. importing a whole library for what could have been a simple function.

If something justifies its "weight", then it's not bloat. It's functional.

But there's also "feature bloat." If a feature or change doesn't need to exist, or makes things worse, then it's bloat. If you removed it, the project would improve.