Answer:
Dictionaries dodge this persistent question.
They mention cattle bloat and corporate bloat and bloatware but take no stand on floatability.
These comments may be helpful:
Does a Bloat Float?
With cattle bloat it's usually found
that in a lake they'll bob around.
But corporate bloat is sure to sink
a company in its own red ink.
For bloated apps? It's sink or swim.
Our bloatware hugely needs a trim!