I have the same thing. I believe what happened is that these were pulled from the iCloud backups for both the iPhone and iPad and put into a "Messages" bucket. Still, after more than a year of development, you would've expected that they had this figured out by now. There is no need to have everything stored twice. It's a waste of space on iCloud that we could be using for other things.
I’m going to try erasing my iPad first and then adding it to iCloud Messages from scratch. Of course it looks like I now need to wait 30 days to get my iCloud Messages data deleted sigh...
I have an iPhone X and an iPad. iCloud storage is identical on both. My total iCloud storage is 74.9GB. Messages occupies 4.8GB. Message conversations requires 1.4GB.
Yup the 1.4 GB storage is the storage just your one device is taking up, maybe it will work itself out in the end but the UI shouldn’t have even been designed to show two different sizes (4.8 GB vs 1.4 GB) in the first place if that was going to be the case so I have my doubts.