I have the same issue, but with even more staggering results: I have 71GB of photos and my unlinked (ie "copy items to Photos library" unchecked) photo library is 70GB! When I view the contents of my photo library, every folder is a minimal size except for the "Resources" folder. Within that folder, the main space-hogging culprit is the "modelresources" folder which is almost 60GB! (This folder contains an assortment of numbered folders containing numbered folders containing folders with long strings of numbers/letters which each themselves contain one seemingly random photo.)
My final attempt to fix this, or at least discover the issue, was creating an entirely new photo library, this time checking the "copy items to Photos library" box. I wanted to know if the issue was due to the linking or if the Photos library is destined to be huge no matter what. Guess what? My new photos library, with all of the masters included, is only 80GB! The resources folder is under 2GB (most of this, again, is from the "modelresources" folder)! (Aside: Photos couldn't import 300 photos out of 30,000+, not sure why. Second aside: I store my main photos library on an external hard drive, and that has always worked fine with Photos/iPhotos.)
Bottom line seems to be that linking photos to Photos doesn't save space, because it uses up just as many GB in resources trying to link them.