SmartGWT is not designed for Hello World applications, but for sophisticated enterprise applications that work with lots of entities and have lots of screens. In that use case, the final delivered size of a SmartGWT application is comparable, if not smaller, than the size you would get working with any other technology.
Basically if you tackle a larger-scale application like that with a flyweight technology, you end up with application code that re-creates the features that are already in SmartGWT. There's no bloat - SmartGWT is very compact on a features-per-byte basis - there's just more features.
If you really have an ultra-lightweight use case - say, adding minor interactivity to a web site that consists mostly of static content - then JQuery and other ultra-lightweight frameworks are the way to go. A lot of enterprises use a mixture of JQuery and SmartGWT/SmartClient, each for different purposes.