I'm far, far from an expert either but I've thought about the same thing long enough to speculate, particularly because my tiny OM1 with minuscule 50mm lens on it used to sit in my camera bag next to my giant D700 in a space that you'd barely squeeze a modern digital zoom lens into. The D700 looked like it might eat the little Olympus at any moment.
I'm guessing that part of the bulk comes from the fact that in film days the film or 'sensor' if you like was right at the very back of the camera and also wafer thin. That then allows the mirror to sit much further back on the body and makes the body much thinner. I think I'm right in saying that may also allow the mirror box to be smaller as there is less diversion going on but that last point may be horse manure. I don't know how physically thick a typical digital sensor is so I don't know how far back it could ever be moved but I do know that invariably they also have an LCD screen mounted right behind them and associated connections. Add to that the increased functionality of the camera and the fact they need a hefty battery to run the electronics and you can start to see where the bulk is coming from. There are some good cut away images on the net that show that modern SLR's are definitely not full of air.
It leads me to wonder what would be possible if you were to produce a digital SLR with only the essentials. I'm thinking digital sensor, a battery but no screen or menu system, just a memory card or maybe even internal memory if it saved space... No menu system, just exposure controls and a shutter button. I wouldn't even care about an AF system. I realise such a thing would have next to zero market but I'd want one!