Picolibc provides size-optimized variants of certain standard functions, enabled with __PREFER_SIZE_OVER_SPEED or __OPTIMIZE_SIZE__ macro. For example, https://github.com/picolibc/picolibc/blob/560946f26db075c296beea5b39d99e6de43c9010/newlib/libc/string/strstr.c#L79.
I think, since the toolchain is meant for embedded ARM, it would make sense to enable either macro to achieve lower footprint.