Open your kmz (which is basically just a renamed zip file) and you'll see that one has a small JPG image while the other has a ~8mb PNG image. Change the image format. While PNG is good for images with large, uniform areas and will usually result in a smaller, lossless file, it's pretty bad for pictures with a lot of variation, such as photographs or already lossy/degraded images. Yours has hefty signs of JPG compression, which means there's lots of variation in it, leading to a large PNG.
