The arms race idea has a lot of merit to it.
I mean... large carnivorous dinosaurs (therapods like the Allosaurus, Carnotaurus, Tyrannosaurids, etc) most likely could go for relatively long periods without food, maybe a few weeks up to a month (if we use lions as the closest analogue for terrestrial predators) but when they need to eat, they would need to EAT. A body of that size and mass needs a lot of energy to hunt and feed for itself, and that's not including females that are pregnant or have given birth.
So what would be the best source of food, fat and protein? Not the scrawny little lesothosaurus. No, that's just a snack. The BIG meals are the sauropods. Huge brutes, lots of meat, lots of fat and protein for top predators. And most of all important for therapods; slow.
I'm going to stop myself there since I'd basically end up over-extending your point about size as a defence mechanism.