While true, you do have to ask how the hell there could possibly be 100 MB of just code.
Consider Windows calculator. In Windows 10, it consumes 15+ MB of RAM. When desktops have 8+ GB of RAM, 15 MB is essentially nothing. And yet, 15 MB is an astronomical amount of RAM considering the functionality Calculator offers. There's really no reason it should be more than a couple hundred kilobytes.
I didn't have a look at the code but the binaries aren't just code. Apart from things like embedded icons and stuff, there can be lots of engine embedded resources inside;
There is a reason for that, which is that UE4 has an absolutely massive amount of features out-of-the-box compared to most other engines.
If you were to add all the stuff from the Unity marketplace you need to be equivalent to a base UE4 install, it would probably approach that size as well, presuming all those features were even available.
My non-expert opinion is that the size of most game installs is tied directly to the amount of voiced dialog in the game, and in a similar context, how many languages that voiced dialog has been translated and included in the install.
Also, obligatory kkrieger link: https://en.wikipedia.org/wiki/.kkrieger