Why a WAV file takes up so much space
Because it applies no compression at all. Every audio sample is stored exactly as captured by the microphone: 44,100 samples per second, two channels, two bytes per sample. That works out to ten megabytes per minute, six hundred per hour, and a full day of recording can approach five gigabytes.
In exchange, no data is lost, which matters when the recording is an original destined for archiving or further editing. Transcription doesn't strictly require this — the result is indistinguishable from a good-quality MP3 — but it doesn't cause any issue either.