A lot of code written by a lot of engineers over a lot of years.
I'm not sure what other answer you're expecting?
I work with a compiler that has just tens of engineers working on it over just a decade or so and even that's a 6 GB repository. No binary assets. Just source code and configuration I think. I really don't think it's that unusual.
> Is that really necessary?
What would you do? Delete history every year or so? I regularly annotate files and see useful history from ten years ago that I need to do my work.