It looks bulky, but not too bulky. I don't love it or hate it, it's just ok. I think it'll look massive on it's side in comparison, which is why they don't really want to present it that way. I'd prefer a wider thinner design, more so like past consoles, but not quite launch PS4 size for it's power. Now if the PS5 were PS4 or Pro sized, but was just as loud as the early models, then I'd rather have the Series X design, assuming it's as quiet as they say. If PS4 was just an inch or two wider, that should have been plenty for a larger fan and heatsink to lower the RPM's and have it be considered reasonably quiet.
Maybe the specs really are all that bad ass, and a blind eye can be turned to the design by some naysayers for the fantastic performance and acoustics.