That's bloated in the same way that Firefox is bloated: unneeded dependencies.
$ cd ImageMagick-7.0.11-1
$ ./configure --prefix=/tmp/im --disable-static --with-magick-plus-plus=no \
--disable-hdri --without-modules --disable-deprecated \
$ make install
$ du -sh /tmp/im
$ du -sh /tmp/im/*
$ /tmp/im/bin/convert logo: logo.pdf
$ file logo.pdf
logo.pdf: PDF document, version 1.3
$ /tmp/im/bin/convert logo: logo.sixel
$ file logo.sixel
logo.sixel: ASCII text, with very long lines, with no line terminators, with escape sequences
I wouldn't say bloated. More like a comfortable middle-age spread, and, with a bit of dieting and exercise, could easily get a waistline of someone in his late 20s.