Note: this only applies to DagPB. IPLD, in general, does not require that anyone specify a size.
The size is the size of the linked DAG. It’s the size of the linked object plus the size of it’s children, plus the size of it’s children’s children, etc. Alternatively, it’s the size of the linked object plus the sum of the size fields in the linked object’s Links array.
Nit: It can’t actually be used for seeking because it’s the size of the DAG, not the size of the file. Seekability is achieved through a filesize field and a blocksizes array in the unixfs protobuf. the Size field is just allows one calculate download progress/dag size.