Of the 134mb most of it is the chromium web browser. If anything I imagine it will only get bigger with newer updates.
Last I looked it's not trivial to build it from the source code to tinker with ways it can be reduced. I'm not sure it'd be worth scirra's time to cut features from it because someone would miss it, not to mention that from update to update the way to remove a feature may change. What we have is an html5 game enigine that allows any browser feature to be used, so nothing short of a full browser will support it all.
It could be possible to make a smaller runtime with a graphics library and a small JavaScript enigine and then reinventing the wheel for any other feature needed. There is probably no interest in doing this officially. Unofficially it could be done but the issue of someone to make it and support it is a problem, as well as that could be considered curcumventing the personal licience exe export.