It's not just the padding though. The goalies in today's game have gotten a lot bigger across the board while maintaining athleticism. A 6'4" 220 lbs. plus athlete like Mason would have been an outcast 15-20 years ago. Now a days it's not really uncommon. There's even a handful of guys in the league bigger than him.
It's not just the padding, but there's no good reason it should be so big. There have been a lot of cool innovations with the equipment, but last couple decades of goalie gear has gone contrary to the spirit of the game in regards to how large it is -- allowing goalies to become equipment operators who use material to block the net rather than having something that protects their bodies as they make saves.
If it's mainly about protecting the body, you can see just how out of proportion the pads are on a 6'2" listed goalie like Schneider when he is handling them (not to pick on him personally, just the video I came across). His blocker dwarfs his forearm and is more like a mini-shield, and the glove resembles a fishing net (I know blockers have always been big, but when body saves used to be more painful there was a justification for goalies wanting to make more saves with their hands. Those blockers were also heavier, flatter, and only had a front blocking surface).
If the league makes changes on the order
proposed in this video, I think it can only have a positive effect on the game. The goalies have good enough technique that save percentages are not going to go plummeting, but it should bring the skill level of the best goalies to the fore and take away more saves from some of the rest. It may not "fix" scoring, but more of the shots that deserve to be goals will go in, and that is better for the sport.