Javascript bloat exists because of a social problem: the guy who fixes the corporate webpage's javascripts is called a "webdesigner", and "webdesigners" are the lowest rung on the corporate IT ladder, maybe only a bit above first-tier techsupport.
If you want to make some sort of career you need to upgrade from "webdesigner" to "frontend developer", and that means cryptic, incomprehensible and pointless "frontend frameworks".
It provides to value to business or users, but management puts up with it because it fixes the problem of employee churn. (Frontend positions are a big pain in the ass.)
Since that isn't getting fixed any time soon, most people have tried to take matters into their own hands, with varying degrees of success.
It would go away in short order if Google rankings severely penalised it.
JS bloat exists because HTML Working Group along with the whole industry believes JS is the solution to everything. They believe everything on the web should be Web Apps, and completely neglect Web Page development. It was only in the recent 2 two years did we start seeing discussions to reverse course.
Never trust the tech industry to make optimal decisions, you are only in for a bad time.
They can set metrics on quality, but those can be easily gamed. (E.g. measuring average TTFB for a site instead of the real wall time to show visible content for the user.)
Project management _definitely_ has the power to dedicate time to fixing performance issues.
Metrics can be gamed, but certain metrics - such as time to interactive, and time to fully loaded - are fairly well in line with what users actually care about. Even if they're gamed, a project manager can say, "This still feels slow to use. Dedicate the next (sprint|cycle|month|whatever) to performance work."
I believe it is going towards JIT being disabled, or most severely limited.