There are really no rules about how big a sump should, or must not be, just as there are not rules about what media to use. Lava rock, bio balls, old hair curlers, Dollar store Scrubby Pads, it really doesn't matter, I use whatever is available and cheap, if it supports beneficial bacteria that use up ammonia it's good.
The only thing that matters is gravity, and whether or not the pump you use will keep up with the tanks over flow, or the overflows keep up with the pump, and these factors can usually be dealt with with a valve.
It also doesn't matter if you want your media partially emerged, or totally submerged, both work equally.
I have used a 1500 gallons of ponds as a sump for a 50 gallon tank,

But at the moment I'm using 2 boxes that hold no more than about 20 gallons each, for sumps on my 180 tank .
It also doesn't matter if the sumps are directly below your tank, in another room or closet, or on a floor below, as long as gravity is taken into account.
My current sump has a combination of bio balls, Poret foam, lava rock as the bio media, some is covered in algae, and i also have some of the overflow cascading over ocean sea shell to help buffer alkalinity.
It also doubles as a refugium for the algae, and a breeding colony of fresh water shrimp.
It is set off to the side of the tank so more sun hits the media to grow algae.

Any amount of extra water, extra water movement, and media you add to you system (especially if your tank is over stocked) will be a positive.