At this point you might think you're seeing the kind of madness you can get from two, not just one, billion dollar software company.

Actually it makes a little more sense than it looks, as shown by the diagram below. The PNG file consists of a number of "chunks", one of which is an iTXt chunk which is designed to hold uncompressed text information. The PNG file was written with a large amount of whitespace padding at the end of the XMP packet so that an XMP editor could later add a few kilobytes of metadata without having to modify the entire file.

This looks absurd in the case of a very simple image which contains just 94 bytes of compressed data; it would seem even more absurd if one were using the image on the web or a mobile app. It makes more sense in a media workflow where people are working with large files: for instance, RAW camera files are frequently 20 MB or more and size, and 12kb of whitespace is a small price to pay, in that context, for an application like Adobe Lightroom or Microsoft Photos to update the metadata without needing to rewrite the entire file.