That's the short answer, but to elaborate, it probably has more to do with the culture surrounding the language than the overhead of the JVM, although that also plays a role. What I mean by "culture" is the widespread notion (cargo-cult?) among Java programmers that adding more classes and abstraction is always better, almost like a "best practice", leading to "enterprise" monstrosities with deep inheritance hierarchies and ridiculous amounts of indirection to accomplish the simplest of tasks. The low consideration given to memory management in general (there's a GC, but that doesn't mean you should abandon all thought about memory allocation --- an analogy I like to use is how it's possible to get as good fuel economy with an automatic transmission as a manual, with the right technique) also contributes to the bloat.

The JVM itself has a certain amount of unavoidable overhead, but even if it was e.g. 10x slower than native code at best, I don't think that's the main problem. I've used systems that were more than 10x slower in benchmark-terms and had less than 1/10th the memory, yet felt much more responsive and performant. The problem is the culture that encourages this massive resource waste and selfish conservation of developer's time --- at the expense of everyone else.