Ironically, most of the dependencies are actually Rust crates used by swc and turbopack [1][2]. Try running `cargo tree` on either of those crates, it's enlightening to say the least. And of course, Node has a built in file watcher, and even the most popular third party package for file watching (Chokidar) has a single dependency [3].
React and react-dom are peer dependencies (npmgraph lists them but doesn't graph them visually). The actual full installation command is: `npm install next@latest react@latest react-dom@latest`[1]. Even if you include react and react-dom, the dependency graph still looks tolerable to me: https://npmgraph.js.org/?q=next%4014.2.13%2C+react%4018.3.1%...
Just look at how many downloads some of those packages have today.
Look at the dependency tree for a next or nuxt app.
What the js world did is make their build systems somewhat sane, whatwith not needing babel in every project anymore.