That's the beauty of memory contexts for small allocations. But because of the 'convenience' of memory contexts we sometimes tend to not pay attention to doing explicit pfrees. As a general rule I think allocations in TopMemoryContext should be critically examined. I was bitten by this undue bloat recently while developing some code and valgrind is not of much help in such cases because of this very beauty of memory contexts :).
One specific case I want to mention here is hash_create(). For local hash tables if HASH_CONTEXT is not specified, they get created in a context which becomes a direct child of TopMemoryContext. Wouldn't it be a better idea to create the table in CurrentMemoryContext?
If hash_destroy() is not explicitly invoked, this can cause a lot of bloat especially if the intention was to use the hash table only for a while.
