The default setting for math fonts in LaTeX (and Plain TeX) uses cmex10 at all sizes (no scaling whatsoever).
This is because the omxcmex.fd file contains
\ProvidesFile{omxcmex.fd}
[2014/09/29 v2.5h Standard LaTeX font definitions]
\DeclareFontFamily{OMX}{cmex}{}
\DeclareFontShape{OMX}{cmex}{m}{n}{%
<->sfixed*cmex10%
}{}
\endinput
In Plain TeX the “equivalent” line is
\textfont3=\tenex \scriptfont3=\tenex \scriptscriptfont3=\tenex
You can remedy in LaTeX by loading amsmath that chooses the suitable (optically) scaled fonts at smaller sizes by means of
\DeclareFontShape{OMX}{cmex}{m}{n}{%
<-8>cmex7<8>cmex8<9>cmex9%
<10><10.95><12><14.4><17.28><20.74><24.88>cmex10%
}{}
This should probably be improved in modern settings where Type1 fonts for cmex are available by saying
\DeclareFontShape{OMX}{cmex}{m}{n}{%
<-7.5>cmex7<7.5-8.5>cmex8<8.5-9.5>cmex9%
<9.5->cmex10%
}{}
but this would be necessary only when nonstandard sizes are used.
Here's the example.
\documentclass{article}
\usepackage{amsmath}
\begin{document}
$\widetilde{aaa} \quad L^{\widetilde{aaa}}$
$\tilde{aaa} \quad L^{\tilde{aaa}}$
$\widehat{aaa} \quad L^{\widehat{aaa}}$
$\hat{aaa} \quad L^{\hat{aaa}}$
$\overline{aaa} \quad L^{\overline{aaa}}$
$\bar{aaa} \quad L^{\bar{aaa}}$
\end{document}

If you're using Plain TeX, then add at the top of the file
\font\sevenex=cmex7
\font\fiveex=cmex7 at 5pt
\scriptfont3=\sevenex
\scriptscriptfont3=\fiveex
Complete example
\font\sevenex=cmex7
\font\fiveex=cmex7 at 5pt
\scriptfont3=\sevenex
\scriptscriptfont3=\fiveex
$\widetilde{aaa} \quad L^{\widetilde{aaa}}$
$\tilde{aaa} \quad L^{\tilde{aaa}}$
$\widehat{aaa} \quad L^{\widehat{aaa}}$
$\hat{aaa} \quad L^{\hat{aaa}}$
$\overline{aaa} \quad L^{\overline{aaa}}$
$\bar{aaa} \quad L^{\bar{aaa}}$
\bye
The output is the same as before.
With lmodern
If using lmodern, one has to redeclare the largesymbols font, because lmodern loads the corresponding font at fixed size.
\documentclass{article}
\usepackage{lmodern}
\usepackage{amsmath}
\DeclareSymbolFont{largesymbols}{OMX}{cmex}{m}{n}
\begin{document}
$\widetilde{aaa} \quad L^{\widetilde{aaa}}$
$\tilde{aaa} \quad L^{\tilde{aaa}}$
$\widehat{aaa} \quad L^{\widehat{aaa}}$
$\hat{aaa} \quad L^{\hat{aaa}}$
$\overline{aaa} \quad L^{\overline{aaa}}$
$\bar{aaa} \quad L^{\bar{aaa}}$
\end{document}