Tested two mp4 to WMV exports. When the WMV bitrate was left at the 8192 default (considerably higher than the mp4s), file sizes increased, as expected.
If the bitrate was set to the same value as the original, then they decreased - as in your test.
However, the WMV-to_WMV second export did not change significantly...
For example, on a 2:20 file the original's bitrate of 33.65 was reduced to 24.78. The WMV-to-WMV pass was 21.14.
Don't know why, but if more info surfaces it will be added here.
Upload a file that has the behavior you described and someone will check it out.
Use a free server, such as Google Drive or MS OneDrive, get a shared (public) link, copy the link and paste it here or to me in a Private Message via the mail envelope in the top-right corner of this forum. When using Google Drive, if necessary change "restricted" to "anyone with link can view."