The ads for apps, Xbox games, trial versions of Office preinstalled, the minesweeper and solitaire collection that are preinstalled but actually ad supported or non-free, depending on the region spotify/TikTok/Facebook also come preinstalled, "Movies & TV", Bing/MS News...
I think all of those count as bloat. I haven't included Edge because I guess having a browser is a necessity, or copilot/cortana because you said "excluding AI features".
I bought a Ricoh GR III (not a GR III digital, an actual GR III) off Facebook marketplace for £350 a few years ago (at this point, the GR IIIx hadn't been released). It was cheaper than most because it was missing the front decorative ring. I added that back for £10-15, though.
In the year or two that I had it, I realised it wasn't right for me. It was a lovely camera, but I hated the focal length, the autofocus system always seemed to pick up some random object I didn't care about, and manual focus with the buttons was between impractical and downright unfeasible. I put it on eBay with an auction start price of £150 or so... And it fetched £450.
Another year or two later I was thinking of getting a GR IIIx as I'd probably enjoy the focal length more. I looked at eBay and damn, both the IIIx and normal III are selling for £800+, with only some poor-condition outliers below £700.
Apparently ricoh's manufacturing hasn't kept up with demand and their used prices are absolutely bonkers. I don't think this has happened to Sony (although I wish, as I need to sell my A7ii soon). I think its a bit of a case-by-case basis.