Under normal operation, the clutch actuator (slave) piston is resting against the pushrod. As the clutch wears, the pushrod will creep to the left, towards the slave, which will force the piston's resting position further back, leaving less volume for fluid. The fluid has to go somewhere, and unless your slave piston seal is leaky, that is back into the reservoir. If your reservoir was filled to capacity to begin with, and this goes on long enough, it will force the air out of the master reservoir and you end up with residual line pressure, which gets worse as the engine gets hot. That's what causes the clutch to slip in many cases.
If the slave had a spring return, and the slave piston neutral position didn't change with clutch wear, your engagement point on the lever would creep out, and the clutch would actuate sooner as it wore, but you don't see this happening.
ETA: A similar situation would be what we saw with CBR F4i motors in FSAE cars, we went through clutches fairly regularly with all the launches and such. They used a cable actuator, but as the clutch wore, you had to loosen the cable, or you would end up with constant tension on it, which would make it slip. The air volume in your reservoir is like the slack in the cable.