It's not that it does too much it's that it's monolithic (you can't necessarily swap out components) combined with the fact that the project is gradually subsuming more and more of the userspace utilities. Having the entirety of the userspace half of the OS under a single umbrella seems like a bad idea.
I think it came from the necessity for rapid integrations between different parts of the OS. And if it is handled as a single project it takes less time to improve it, since you don't have to align with 10 different projects and their release cycles.