IMO there's a huge difference between bloat (using more resources for no good reason) and what actually happened.
We use more CPU, RAM and HDD space because applications do more complicated things. If you use a PC in the same way you did 20 years ago, the requirements wouldn't be as dramatically higher. In fact, over the last 10 years things haven't increased that much, which has allowed mobile devices to creep closer in power and memory to a PC.
I know people using Atom/Celeron based devices to this day, with 4GB RAM and 32GB eMMC, because all they need to do is open a browser to do an online shop. Sure its sluggish and some of that probably could be improved with better web design, but a lot of the changes that eat resources are quality of life improvements.
Granted on other websites, adverts are a huge resource hog, but then those websites wouldn't exist without them as they need to be paid for somehow.
So I don't think its honestly fair to call it bloat and I don't think bandwidth requirements going up is the same thing. If it wasn't for YouTube, Netflix, Amazon, etc, then would there be much need for increased bandwidth outside of gaming?