But I already wrote the post, so I had to put it up.
If your calibre-converted AZW3 is uncompressed, have you by any chance set, in Preferences ==> Conversion == Output Options, under the AZW3 and MOBI tabs, the option "Disable compression of the file contents"?
That may be the problem...
kindlegen has an option to not compress the contents as well

but it also adds in the source files as well as a fallback mobi7 content, expanding the file size; this, you cannot turn off.