Would it be much uglier to make it at least twice as big?
Actually, I would agree that this indicator is a little small, especially on iDevices. On the iPad, for example, I have to scroll in to tap it and then scroll out to see the inbox.
The iOS devices can be laggy at times and if I tap the text in the Super Multi Collider before the page is completely loaded, it takes me to Stackexchange.com. I want to see my inbox, so I zoom in all the way, tap the balloon and then zoom out. That's inconvenient.