Except jQuery core, everything around it--jQuery UI and jQuery Mobile are extremely bloated and over-engineered. I think, their itch for compatibility is the main problem.
I was actually about to make the same comment. jQuery core is awesome, but everything else just seems like bloat. In their defense, they're tackling a hard problem but I think they might be going about it the wrong way. I think they should solely focus on cross-compatibility and forget about UI frameworks. Then again, UI frameworks aren't a terrible concept for those who want to whip something together quickly (and inefficiently). Maybe it's just a better idea to branch off rather than try to be somewhat of a subsidiary and ride the coattails of the jQuery name.