Isn't Monero actually more centralized than Bitcoin and bound to be even more centralized as a side-effect of its blockchain bloat?

The cryptography aspect does not matter too much if there are so few full nodes that you can just log the originating IPs of transactions. Bitcoin is getting there fast, but Monero seems to already have reached the point of "too few full nodes" for anonymity of IP. It's basically the same issue as Tor vs Bitcoin, when there are few enough nodes, you can tap all of them on a low budget.

Also another aspect of centralization are the cloud hosting companies: any entity that has access to physical hosts of handful of top cloud hosters will have detailed IP address logs for transaction origins, and most full nodes are running on the hardware of few hosting companies.