You reminds me to seek for other open source alternatives rather than iTunes for managing my music. It’s sad if star rating goes away, but that also means I have one less reason to stick to a Mac. Either way, I will pay close attention to next dot release of Monterey.
As for feature bloat, sure, that’s definitely one way to make software lighter, but there are many software that cuts power user features in favour of dumbing down used to be good software to make them more “modern”. Aperture comes into mind, also iWork suites, where newer version gets feature reduction to unbelievable level just to make software more “modern”.