Comparing the Charger to the Mustang is not fair: the Charger is a mid-sized car, the Mustang was then known as a small, "sporty" car. The term "Pony Car" was coined due to the Mustang's phenomonal popularity at the time.
Most of the "the 71 Mustang is too big" blather came from those who were comparing the new 71 to the previous models. The new 71 was indeed the largest Mustang ever made up that point. Longer, wider body, wider track, heavier and better equipped. It is no doubt a better car in terms of quality, design and performance.
The problem is that it shared basic design elements with the Torino...a mid sized car. It looked like a "baby Torino". The styling also makes the car look even bigger than it is.
The Mustang was developed and introduced as a small, inexpensive yet stylish and sporty "secretary's car". That is where it found it astounding early success and popularity.
Simultaneously, the "Super Car" ( Muscle Car) craze was heating up fast, and mid-size and small coupes are where the interest in that craze was pointed. Naturally, the Torino and the Mustang were perfect candidates to compete in this arena, so they had new shoes to fill.
It is no secret that the original Mustang was never intended as a serious performance car, and much effort was expended by Ford to give it a more "muscular" image.
The first tepid big-blocks that Ford could barely stuff into the 67s were mediocre performers compared to current competition.
When Knudsen took over at Ford, being an avowed performance fan, the decision to make the new Mustang a serious contender for street super-car supremacy was cast in stone. This is where the Mustang made a severe change in direction. No longer a sporty little "secretary's car", it was now a serious performance coupe.
Part of the reason for its enlargening was to make room for the new 429 and all the associated bracing and suspension to handle that big-block. Plans were for a beefed up 501 cubic inch Cobra Jet, and the continuation of the BOSS 429. Of course we know none of that came to be.
Mandatory safety equipment also influenced increases in size and weight in all vehicles...the Mustang could not escape that.
So, are the 71-73 Mustangs big? Yes, compared to earlier Mustangs.
But who cares? I like this model the best (obviously). It rides, handles and performs better than any previous Mustang. I think it looks great, as good as any other "classic" car, if not better.
The new Mustang is HUGE compared to our cars, and neccesarily so. Massive amounts of safety and emissions requirements make it so. Can't compare then to now.