There really isn't anything in react that is inherently "bloated", most companies were indeed using it wrong, or at least in a naive way. Over-reliance on useEffects, re-render issues, non-memoized components etc. When used correctly, react 18 provides really fast web apps on whatever scale (small one pager app to massive enterprise apps).
If most people can’t use it properly perhaps the problem is in react itself and not most people. React is the only framework that will blame the user for its own mistakes.
> most companies were indeed using it wrong
If everyone is using react wrong, react has a design flaw. Other frameworks aren't slow by default.