Pfft, I've handed out more bubble wrap than that in my time
I received a box from Dabs once that was that size, with a printer cable cellophaned to the bottom. What annoys me most though when companies you buy from do this is that they stick the item on the bottom then pile the polystyrene peanuts on top, so as soon as the package is dropped it gets all the impact anyway.
Looks like he must have stuck that graphics card in the middle