There is not. If you’re trying to send the project to someone then XML is probably the simplest. You can send the whole library or a project.
You could also move the media out of the library package to make the library smaller. Use the library inspector panel and set a new media location then consolidate the media and it will move your files out of the library and replace them with aliases. You could then delete render files to make it smaller too.
You could also try using a copy of an actual backup project from your backups folder (usually in movies folder).
I’m sure others will have other ideas. Just depends on if you’re sharing or actually backing up for safety. If the latter, then I’d probably use the actual backups folder files. But even just uploading an XML is a pretty good backup.
Edit: I forgot you can also just make a library with just the project in it. I think it’s under file>cooy project to new library or something like that. You should end up with a small library with aliases to just the media used in that project and just that project. The appropriate keyword collections will come along too. This is what I do when I finish a project, except I also consolidate the media INTO the library (I keep mine external during the edit) as an additional step and then put it on a mirrored USB 3 raid for long term backup.