Back then Emacs was considered what we call in modern software 'bloatware': resource hungry, big and full of feature creep.
BTW, in early versions of Slackware emacs was bundled in its own software category due to its huge size when selecting which packages to install on first boot.
> (Linus Torvalds, regarding the fact that Linux started off as a terminal emulator.)
http://neil.franklin.ch/Jokes_and_Fun/Linux_Quotes.html
That's the best reference I can find, but even if it's totally legit it doesn't make any sense to me.