That seems pretty small by today's mega sized binaries. But for an assembly program that seems very big. It is impressive that a large part of my childhood was written in assembly
It is the official software of many universities. Because of this, there is a large amount of hostility by the administration to use anything else. Schools administrators keep using it because "it is the standard".
Blackboard is a well known company so it makes schools feel more at ease.
There is a great disconnect between the needs of students and teachers and the sales pitch