Premiere Cut Video but Export File Size Bloats
Match sequence settings confuses a lot of people. It doesn't mean the output will match the bitrate of your source files—after all you could use any number of source files in a sequence with all sorts of bitrates. Match sequence means the output will have the same frame size, fps, PAR and so on as the sequence.

Basically, if you want to get your output below a certain size you have to wind down the video bitrate, reducing the quality until it produces the desired result (you can use a bit of maths to get in the ballpark: calculate (the desired size in Mbits) / (length in seconds) and you'll have the Mbits per second budget you need to work towards.