I'd agree that calling BG3 HP standards "bloated" is very much hyperbole at the moment.
But I would call them inflated. And so far we have only just seen the low end of of the level scale, so to speak. How inflated will the HP be when we are level 10 or 12? I do think there is cause to think about this now.
I’d say that the bloat is less of an issue compared to the mess with the AC at the moment. That combined with the advantage system turns utility spells created in a way that you can hit more lose their values. I have already posted a list of spells which were directly affected by this adaptations and not to mention the direct impact in some classes advantage dependent.
The math is quite simple: a +2 over a basis of 55% worth more than a +2 over a basis of 75% although the flat increase is 10% for both scenarios.
If the dm decides to change the challenge rating of a battle, modifying only the AC instead of modifying both AC and attribute modifiers will snowball to through the entire game balance. In the end, what concern me the most is the spell efficiency which is clearly one of the most important pillars of the game.
Buffing cantrips and nerfing spells slots isn’t the best solution to a caster joe feels more useful.