You don't know Bandcamp's revenue, so how on earth could you smell their bloat?
It's interesting people are talking about bloated software in this thread and their love of lean software. Large teams often lead to bloated software.
On an internet with billions of users online, there's a legit argument that most if not all technology companies are severely bloated.
Now maybe their business model was flawed (I heard it was profitable, but perhaps not profitable enough). But otherwise 118 people for a global brand-recognized business is pretty lean already: I have worked for medium sized businesses around the same headcount you have never heard of, which don't even operate outside their home country.